Nigeria’s economy grows for 11th straight month as CBN PMI hits 55.4 points in October

Nigeria’s economy maintained its growth momentum for the eleventh consecutive month, as the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) rose to 55.4 index points in October 2025, up from 54.0 points in September.

According to the latest CBN report, the continued expansion was driven by strong performances in the industry, services, and agriculture sectors, signalling sustained recovery and broad-based growth across key segments of the economy.

“The composite PMI stood at 55.4 index points in October 2025, compared with 54.0 index points in September 2025, indicating a stronger and broad-based expansion in aggregate economic activity,” the apex bank stated. “This marks the eleventh consecutive month of expansion.”

The report showed that the industry sector PMI stood at 54.2 points, reflecting an expansionary trajectory as 9 of the 17 subsectors surveyed recorded growth.

The services sector, which has now expanded for nine straight months, posted a PMI of 55.6 points, with 11 of the 14 subsectors surveyed reporting growth, underscoring the sector’s resilience and broad-based performance.

Meanwhile, the agriculture sector continued its strong showing with a PMI of 55.7 points, recording its fifteenth consecutive month of expansion. All five subsectors within the sector posted growth, though the report noted that agriculture recorded the widest gap between input and output prices (8.4 index points), indicating persistent cost pressures.

In contrast, the services sector showed the narrowest price gap of 0.6 index points, reflecting relatively stable input-output price dynamics.

A further breakdown of the 36 subsectors across the three major sectors revealed that 25 subsectors reported expansion during the month, led by the educational services subsector, which posted the strongest growth.

Only 11 subsectors recorded mild contractions, with petroleum and coal products showing the sharpest decline. However, the CBN noted that these declines had minimal impact on the overall expansion trend.