Nigeria’s manufacturing sector has experienced sustained expansion for the tenth consecutive month, according to the September 2025 Purchasing Managers’ Index (PMI) report released by the Central Bank of Nigeria (CBN). The overall PMI rose to 54.0 points in September, up from 51.7 points in August, indicating a stronger and broad‑based expansion in aggregate economic activity.
The industry sector PMI stood at 51.4 points in September, reflecting an expansionary trajectory. Eleven of the 17 subsectors surveyed reported growth, highlighting a moderate but widespread improvement in industrial activity. Expansion in the industry sector was driven by increases in all sectoral indicators except new orders.
The services sector also showed sustained expansion for the eighth consecutive month, with its PMI at 54.7 points in September. Twelve of the 14 subsectors surveyed recorded growth, underscoring the broad‑based nature of the sector’s performance. The narrowest gap between input and output prices was observed in the services sector, at 2.2 index points.
In agriculture, expansion was recorded for the 14th consecutive month, with all five subsectors reporting growth. The sector posted the widest gap between input and output prices, 8.2 index points, driven by an increase in new orders.
A breakdown of the 36 subsectors across industry, services, and agriculture shows that 28 subsectors reported expansion during the review month, with the forestry subsector posting the strongest growth. Only eight subsectors recorded mild contractions, the most pronounced being in non‑metallic mineral products. The CBN noted that these declines were insufficient to offset the overall broad‑based expansion.
Overall, the September 2025 PMI data indicate continued expansion in economic activities across Nigeria. The report provides valuable insights into areas of growth and decline, and the data will likely be closely watched by investors, policymakers, and other stakeholders seeking to understand trends and outlook for the Nigerian economy.
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