The Central Bank of Nigeria published its Purchasing Managers’ Index (PMI) for February 2025, showing a second consecutive month of expansion in overall economic activity, with the composite PMI at 51.4. The release also reports expansion across the composite, Industry, Services and Agriculture indices, indicating improved activity across all three sectors. Within the composite indicators, Output, New Orders and Employment recorded growth at 51.4, 50.5 and 51.3 index points, respectively, while Stock of Raw Materials rose to 52.0 and Suppliers’ Delivery Time was faster at 52.6. The Industry Sector PMI stood at 50.5, with Output, Employment and Stock of Raw Materials at 51.2, 51.5 and 50.3, while New Orders declined to 48.4; Suppliers’ Delivery Time remained faster at 52.6. Across 36 subsectors reviewed, 20 reported growth led by Cement, 14 recorded declines led by Non-metallic Mineral Products, and Plastics & Rubber Products and Accommodation & Food Services were stationary; within the 17 Industry subsectors, 8 expanded, 8 contracted and Plastics & Rubber Products was stationary.
Central Bank of Nigeria 2025-03-14
Central Bank of Nigeria reports February 2025 PMI shows second consecutive month of expansion
The Central Bank of Nigeria's February 2025 Purchasing Managers’ Index (PMI) indicates a second consecutive month of economic expansion, with a composite PMI of 51.4. Growth was observed in Output, New Orders, and Employment, while Stock of Raw Materials and Suppliers’ Delivery Time improved. Among 36 subsectors, 20 reported growth, notably Cement, while 14 declined, led by Non-metallic Mineral Products.