Nigeria’s economic activities continued their upward trajectory in October 2025, recording steady growth for the eleventh consecutive month, according to the latest Purchasing Managers Index (PMI) report released by the Central Bank of Nigeria (CBN) on Wednesday.
The report revealed that the composite PMI rose to 55.4 points in October, up from 54.0 points in September, indicating stronger expansion across major sectors and growing business confidence nationwide. Out of 36 subsectors surveyed, 25 reported improved activity during the period, reaffirming the sustained momentum in economic recovery.
In the industrial sector, the PMI climbed to 54.2 points, compared to 51.4 in the previous month, reflecting a significant boost in industrial output and productivity. Nine of the 17 industry sub-sectors recorded growth, highlighting renewed activity in manufacturing and production.
The services sector, which remains Nigeria’s biggest driver of non-oil GDP, also maintained positive momentum with a PMI reading of 55.6 points, marking its ninth straight month of expansion. Eleven of the fourteen service-related sub-sectors reported increased business activity, demonstrating the sector’s resilience and adaptability.
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Meanwhile, agriculture, a critical pillar of Nigeria’s economy, achieved its 15th consecutive month of growth, posting a PMI of 55.7 points, the strongest among all sectors. All five agricultural sub-sectors expanded during the month, though rising production costs led to the widest input-output price gap at 8.4 index points.
Overall, the composite PMI and its major components Output (57.2 points), New Orders (56.0 points), and Employment (53.8 points) all showed improvement, underscoring continued expansion in business activity and employment.
The CBN attributed the sustained growth to improved supply conditions, increased consumer demand, and policy measures that have enhanced investor confidence across sectors.
