By Naija247news Business Desk: November 2025
Nigeria’s economy extended its recovery streak for the twelfth consecutive month in November 2025, with agriculture once again emerging as the strongest engine of growth, according to the latest Purchasing Managers’ Index (PMI) released by the Central Bank of Nigeria (CBN). The data shows a broad-based improvement across industries as businesses ramped up production, increased hiring, and responded to rising consumer demand.
The composite PMI rose to 56.4 index points in November, up from 55.4 recorded in October—marking the highest expansion rate of the year and signaling renewed economic momentum across the country’s productive sectors.
Agriculture Drives the Comeback
Among the major sectors, agriculture posted the strongest performance with a PMI of 58.2 points, making it the sixteenth consecutive month that all five subsectors recorded expansion. The output index for agriculture climbed to 61.0 points, reflecting strong production activities and sustained market demand heading into the 2025 harvest period.
The sector also recorded the widest gap between input and output prices at 7.2 points, suggesting stronger revenue conditions relative to input cost pressures.
Industry and Services Maintain Growth
The industry sector held firm at 54.2 index points, recording expansion across 10 of its 17 subsectors. The data shows improved production volumes, higher new orders, and modest employment gains:
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Output index: 57.1
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New orders: 54.4
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Employment: 51.6
Despite these improvements, raw materials inventory slipped slightly to 49.7, as stronger sales and production led to faster stock drawdowns.
Supply chains also continued to stabilize, with suppliers’ delivery time improving to 55.6, driven mainly by better logistics in the petroleum and coal products subsector.
The services sector posted its tenth consecutive month of expansion, rising to 56.8 index points. All 14 subsectors recorded growth—a sign of Nigeria’s evolving urban economy and rising consumer and business confidence.
29 Sub-Sectors Expand: Strongest Month in 2025
A deeper review of the November PMI shows that 29 of the 36 subsectors surveyed recorded expansion—the highest monthly breadth of growth in 2025. This level of broad-based improvement indicates that Nigeria’s economic rebound is no longer isolated to key industries but is now spreading across multiple value chains.
Water supply, sewerage, and waste management led industrial gains, while paper products experienced the mildest contraction.
Business Confidence Rising Despite Cost Pressures
The CBN reiterated that the PMI figures represent responses from surveyed businesses and do not reflect its official policy stance. It also noted that firms are becoming increasingly optimistic despite persisting concerns over energy prices and insecurity.
In his September MPC personal statement, MPC member Aloysius Uche Ordu projected:
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Q2 2025 growth: 3.87%
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Full-year 2025 growth: 4.25%
He added that improved fiscal reforms, infrastructure spending, and FX stability will determine whether Nigeria can sustain its current growth trajectory.
The business expectations index continues to strengthen, while capacity utilisation in agriculture has reached new peaks for the year.
A Positive Outlook Heading Into 2026
With November’s PMI showing continued expansion across agriculture, industry, and services, Nigeria’s economic performance confirms a clear upward trend as the country enters the final month of 2025.
The CBN report suggests that the recovery remains firm, broad-based, and increasingly driven by real sector activity—bringing optimism for stronger growth in 2026 if macroeconomic reforms stay on track.
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Reporting by Godwin Okafor, The Naija247news in Lagos, Nigeria.
