Nigeria’s economy has continued its growth trajectory, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points in November. This marks the twelfth consecutive month of expansion, according to the Central Bank of Nigeria (CBN) PMI report. The industry sector maintained its upward trend, posting a PMI of 54.2 points, while the services sector recorded a PMI of 56.8 points, extending its expansion streak to ten months. The agriculture sector outperformed other segments, achieving a PMI of 58.2 points and signaling growth for the sixteenth straight month. All five agricultural subsectors reported growth, underscoring the sector’s crucial role in supporting national output amid rising demand for food and raw materials.
The services sector also experienced a broad-based recovery, with all 14 subsectors surveyed showing increased business activity. The CBN report highlighted variations in price pressures across sectors. Agriculture recorded the widest gap between input and output prices at 7.2 index points, indicating rising cost pressures for farmers, whereas the services sector saw more contained price movements, with a gap of 2.7 index points.
The National Bureau of Statistics (NBS) reported that Nigeria’s real gross domestic product (GDP) grew by 3.98% in the third quarter of 2025, up from 3.86% in the same quarter of 2024. Growth was driven primarily by the services sector, which contributed 53.02% to total GDP, followed by the industry sector, which grew by 3.77%. The agriculture sector also expanded, increasing by 3.79% in the third quarter of 2025. In nominal terms, the aggregate GDP reached N113.58 trillion, representing a year‑on‑year nominal growth of 18.12%.
CBN Governor Olayemi Cardoso noted that Nigeria’s economy is now more resilient and better able to withstand external shocks than ever before, adding that Nigeria, alongside Ethiopia, is leading economic recovery on the African continent. The sustained growth and resilience are positive indicators for the country’s economic prospects, with the services sector expected to continue driving growth in the coming quarters.
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