Nigeria’s economy sustained its expansion for the eleventh straight month in October 2025, with the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rising to 55.4 points, up from 54.0 points in September.
According to the CBN, the latest figures indicate a broad-based recovery driven by gains in the industry, services, and agriculture sectors.
“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 report stated. “This marks the eleventh consecutive month of expansion.”
The industry sector recorded a PMI of 54.2 points, reflecting continued expansion, with nine of 17 subsectors posting growth.
The services sector rose to 55.6 points, maintaining its ninth consecutive month of growth, as 11 of 14 subsectors expanded during the period.
In the agriculture sector, activity remained upbeat with a PMI of 55.7 points, marking fifteen months of uninterrupted growth. All five subsectors in agriculture recorded increases, though the report noted the sector had the widest input–output price gap (8.4 index points), reflecting rising production costs.
Conversely, the services sector posted the narrowest price gap (0.6 index points), indicating more stable costs.
Out of 36 subsectors covered in the survey, 25 reported expansion, led by educational services, which showed the strongest growth. Only 11 subsectors, including petroleum and coal products, recorded mild contractions.
The CBN noted that overall, the expansion across key sectors underscores the resilience of Nigeria’s economy and growing confidence among businesses despite persistent cost pressures.
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