Nigeria’s economic expansion has maintained a growth trajectory with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points in November.
The Central Bank of Nigeria’s PMI report for the month under review, released on Monday, noted that the rise marked the twelfth consecutive month of expansion in economic activity.
The industry sector maintained its upward trajectory with a PMI reading of 54.2 points.
Further breakdown showed that 10 of the 17 industrial subsectors reported growth, underscoring renewed resilience and stronger output levels across the industrial value chain.
Similarly, the services sector posted a PMI of 56.8 points, extending its expansion streak to the tenth consecutive month.
The agriculture sector continued to outperform other segments with a PMI of 58.2 points, signalling expansion for the sixteenth straight month.
All five agricultural subsectors recorded growth, affirming the sector’s central role in supporting national output amid rising demand for food and raw materials.
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Notably, all 14 subsectors surveyed within services recorded growth in business activity, highlighting the sector’s broad-based recovery and the strengthening of consumer-facing and professional service segments.
However, the CBN report indicated notable variations in price pressures across the sectors.
Agriculture recorded the widest gap between input and output prices at 7.2 index points, signalling rising cost pressures on farmers.
In contrast, the services sector experienced the narrowest gap at 2.7 index points, suggesting more contained price movements.
On Monday, the National Bureau of Statistics (NBS) said gross domestic product (GDP) grew by 3.98 per cent (year-on-year) in real terms in Q3 2025.
In its latest report, the NBS noted the growth rate is higher than the 3.86 per cent recorded in Q3 2024.
“Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the third quarter of 2025.
“This growth rate is higher than the 3.86% recorded in the third quarter of 2024. During the quarter under review, agriculture grew by 3.79%, an improvement from the 2.55% recorded in the corresponding quarter of 2024,” the agency said.
According to the Bureau, the growth of the industry sector stood at 3.77 per cent from 2.78 per cent recorded in the third quarter of 2024, while the services sector recorded a growth of 4.15 per cent from 4.97 per cent in the same quarter of 2024.
Aggregate GDP at basic price stood at N113.58 trillion in nominal terms.
“The growth of the Industry sector stood at 3.77% from 2.78% recorded in the third quarter of 2024, while the Services sector recorded a growth of 4.15% from 4.97% in the same quarter of 2024. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2025 at 53.02% compared to the corresponding quarter of 2024 at 52.93%.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2025 at 53.02% compared to the corresponding quarter of 2024 at 52.93%,” the bureau said.
According to the bureau, the performance is higher relative to the third quarter of 2024, which recorded an aggregate GDP of N96.16 trillion, indicating a year-on-year nominal growth of 18.12 per cent.
Nigeria’s Economy Now More Resilient, Says Cardoso
The development comes on the heels of the CBN Governor, Olayemi Cardoso’s statement on Nigeria’s economy emerging stronger.
The CBN governor stated this during his keynote address at the 60th annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos last Friday.
He specifically pointed out that the economy can withstand external shocks today than ever in its history, noting that Nigeria and Ethiopia are leading economic recovery on the African continent.
