Nigeria’s private sector maintained its strong upward momentum in November 2025, with the Composite Purchasing Managers’ Index (PMI) climbing to 56.4 points from 55.4 recorded in October. The latest PMI data, released by the Central Bank of Nigeria (CBN), confirms a continued and broad-based expansion in economic activity, marking the twelfth straight month of growth. This sustained positive trend highlights a year of progressive economic recovery across key sectors despite prevailing macroeconomic pressures.
According to the CBN report, November’s PMI reading stands above all earlier monthly figures recorded in 2025, underscoring the resilience of businesses and the gradual stabilisation of productive activities nationwide. “Overall, the November 2025 PMI data indicated a continued expansion in economic activities across all sectors, surpassing all earlier indices in the year,” the report said.
Broad-Based Strength Across Key Indicators
All major sub-indices registered improvements, signalling stronger business performance and more robust economic conditions.
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Output Index: 59.1 points
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New Orders: 56.7 points
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Employment: 54.4 points
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Raw Materials Inventory: 54.3 points
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Suppliers’ Delivery Time: 55.6 points
These figures reveal rising production volumes, increased consumer and industrial demand, and a more efficient flow of goods across supply chains. Faster delivery times point to easing logistical bottlenecks, while rising new orders highlight growing market confidence.
Industry Sector: Solid Expansion Despite Slight Pressure
The Industry Sector PMI came in at 54.2 points, remaining firmly in expansion territory though tempered by minor contractions in a handful of subsectors. Out of the 17 industrial subsectors surveyed, seven reported slight declines, with Paper Products facing the sharpest contraction.
Despite these pockets of slowdown, several subsectors maintained strong growth, led by Water Supply, Sewage & Waste Management, which delivered the highest expansion in the category.
Industry Sub-indices:
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Output: 57.1
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Employment: 51.6
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Raw Materials Inventory: 49.7
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Suppliers’ Delivery Time: 55.6
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New Orders: 54.4
The drop in raw materials inventory below the 50-point threshold may reflect reduced input availability or more aggressive inventory optimisation by manufacturers responding to cost pressures.
Services Sector: Ten Straight Months of Growth
The Services Sector PMI remained upbeat at 56.8 points in November, marking ten consecutive months of expansion. All 14 subsectors surveyed recorded growth, reinforcing the services sector’s central role in Nigeria’s economic stabilisation efforts.
Educational Services saw the strongest growth as private investments increased and academic calendars stabilised nationwide. Professional, Scientific & Technical Services posted the slowest expansion but still remained well above the neutral 50-point mark.
This consistent broad-based expansion reflects improving consumer spending, stronger business-to-business transactions, and enhanced delivery of essential and professional services.
Agriculture Sector Leads as Strongest Performer
The Agriculture Sector continued its impressive run, posting a PMI of 58.2 points—its sixteenth consecutive month of expansion. This makes agriculture the longest-performing sector within the PMI framework.
All five agricultural subsectors expanded, boosted by improved weather patterns, better access to inputs, and rising demand for food and raw materials.
Key agricultural sub-indices included:
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General Farming Activities: 61.4
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New Orders: 59.5
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Employment: 55.6
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Raw Materials Inventory: 56.3
Forestry emerged as the fastest-growing subsector, driven by higher demand for timber and related materials.
Why the November PMI Matters
The sustained improvement in Nigeria’s PMI provides valuable insight into the country’s economic direction during a period of volatility and reform. Twelve months of uninterrupted expansion paint a clear picture of recovery—one that is not accidental but grounded in consistent business activity and positive sector-wide momentum.
PMI readings above 50 indicate growth; persistent readings around or above 55 signal strong and stable expansion. This trend boosts investor confidence, enhances credit outlooks, and encourages both domestic and foreign investment.
Crucially, the simultaneous growth in industry, services, and agriculture reflects a multi-sector expansion that supports millions of jobs. With agriculture and services—two of Nigeria’s largest employers—posting some of the strongest growth figures, the data suggests a recovery that is inclusive and sustainable.
As Nigeria navigates inflationary pressures, exchange rate challenges, and structural reforms, the November 2025 PMI results offer a reassuring signal: the private sector is steadily regaining strength, providing a crucial foundation for broader economic stability in the months ahead.
