The Central Bank of Nigeria published its Purchasing Managers’ Index (PMI) report for May 2025, showing the composite PMI at 52.1 points, indicating an expansion in economic activity for the sixth consecutive month. The release characterises the expansion as continued but moderate and links the sustained improvement across key sectors to a favourable outlook for Q2 2025. All three sector indices (Industry, Services and Agriculture) recorded expansion. At the composite level, Output, New Orders and Employment indices stood at 52.5, 52.7 and 51.1 points respectively, while Stock of Raw Materials rose to 51.4 and Suppliers’ Delivery Time registered 52.3 (the report notes Suppliers’ Delivery Time is not compiled for the Services and Agriculture sector indices). Across 36 subsectors, 20 recorded growth led by Petroleum & Coal Products, while 16 declined with Paper Product showing the steepest fall; within Industry, the sector PMI was 51.6, with 9 of 17 subsectors expanding and 8 contracting.
Central Bank of Nigeria 2025-06-02
Central Bank of Nigeria reports May 2025 composite PMI at 52.1 marking a sixth consecutive month of expansion
The Central Bank of Nigeria's May 2025 Purchasing Managers’ Index (PMI) report indicates a composite PMI of 52.1, marking a sixth consecutive month of economic expansion. All sector indices—Industry, Services, and Agriculture—showed growth, with Output, New Orders, and Employment indices at 52.5, 52.7, and 51.1, respectively. Among 36 subsectors, 20 expanded, led by Petroleum & Coal Products, while Paper Product experienced the steepest decline.