The Central Bank of Nigeria (CBN) says all agriculture and services subsectors recorded solid growth in November, reflecting stronger economic momentum across key segments of the economy.
According to the bank’s latest Purchasing Managers’ Index (PMI) report, the composite PMI rose to 56.4 points in November, up from 55.4 points in October, signalling a broader and more robust expansion.
This marks the twelfth consecutive month of rising economic activity.
The CBN said the November reading shows continued nationwide improvement across all major sectors—industry, services, and agriculture—collectively indicating a firm upturn heading into the fourth quarter of 2025.
“The expansions recorded across the three sectors provide strong evidence of a robust and sustainable growth momentum, underpinning a positive economic outlook in Q4 2025,” the report stated.
Strong but Uneven Growth in Industry
The industrial sector posted a PMI of 54.2 points, maintaining its expansion trend.
Output, new orders, and employment rose to 57.1, 54.4, and 51.6 points respectively, reflecting improved production and stronger labour demand.
However, the Raw Materials Inventory index dipped to 49.7 points, indicating faster inventory drawdowns to support increased production.
Supply efficiency also improved, with the Suppliers’ Delivery Time index climbing to 55.6 points, largely driven by gains in the petroleum and coal products subsector.
Of the 17 industrial subsectors surveyed, 10 expanded, while 7 recorded mild contractions.
Water Supply, Sewerage & Waste Management saw the strongest expansion, while Paper Products experienced the most notable decline.
The CBN noted that the contractions were marginal and did not weaken the sector’s overall positive performance.
Services Sector Maintains Growth for Tenth Straight Month.
The services sector continued its upward trajectory, posting 56.8 points in November—its tenth consecutive month of expansion.
Business activity, new orders, employment, and inventories all remained firmly in growth territory at 59.2, 56.6, 55.3, and 55.8 points.
All 14 services subsectors expanded, with educational services recording the strongest growth, while professional, scientific and technical services recorded the mildest expansion.
Agriculture Leads All Sectors With Strongest Expansion
Agriculture remained the economy’s strongest-performing sector with a PMI of 58.2 points, marking 16 consecutive months of expansion.
General farming activity, new orders, employment, and raw materials inventory all posted strong growth—61.4, 59.5, 55.6, and 56.3 points, respectively.
All five subsectors within agriculture expanded, with forestry recording the highest growth.