The Central Bank of Nigeria published its October 2025 Purchasing Managers’ Index (PMI) report, with the composite PMI rising to 55.4 from 54.0 in September 2025, signalling an eleventh consecutive month of expansion in aggregate economic activity. The survey showed 25 of 36 subsectors recorded expansion during the month. Sector PMIs also remained in expansionary territory, with Industry at 54.2 (9 of 17 subsectors expanding), Services at 55.6 (ninth consecutive month of expansion, with 11 of 14 subsectors expanding), and Agriculture at 55.7 (fifteenth consecutive month of expansion, with all five subsectors expanding). Output (57.2), new orders (56.0), and employment (53.8) all expanded, stock of raw materials increased to 53.6, and the suppliers’ delivery time index stood at 54.8, indicating improved delivery efficiency. The Agriculture sector recorded the widest gap between input and output prices at 8.4 index points, while Services recorded the narrowest at 0.6, and within subsectors Educational Services posted the strongest growth while Petroleum & Coal Products saw the largest decline among the 11 subsectors that contracted.
Central Bank of Nigeria 2025-11-11
Central Bank of Nigeria reports October 2025 composite PMI rises to 55.4 on broad-based expansion
The Central Bank of Nigeria's October 2025 Purchasing Managers’ Index (PMI) report shows a rise in the composite PMI to 55.4, marking the eleventh consecutive month of economic expansion. Sector PMIs for Industry, Services, and Agriculture remained in expansionary territory, with Agriculture showing the longest expansion streak. Key indicators like output, new orders, and employment expanded, while the Agriculture sector recorded the largest gap between input and output prices.