The Central Bank of Nigeria published its November 2025 Purchasing Managers’ Index (PMI) report, showing the composite PMI increased to 56.4 from 55.4 in October and signalling expansion in aggregate economic activity for the twelfth consecutive month. The report notes that the PMI reflects respondents’ views and not the Central Bank of Nigeria’s. Across the 36 subsectors covered, 29 recorded expansion, with Water Supply, Sewage & Waste Management posting the strongest growth, while Paper Products recorded the highest decline among the seven subsectors in contraction. Sector readings remained in expansion territory, with Industry at 54.2 (10 of 17 subsectors expanding), Services at 56.8 (all 14 expanding) and Agriculture at 58.2 (all five expanding); Agriculture also recorded the widest gap between input and output prices at 7.2 index points, versus 2.7 index points in Services. Key composite components also expanded, including Output (59.1), New Orders (56.7), Employment (54.4) and Stock of Raw Materials (54.3), while the Suppliers’ Delivery Time index rose to 55.6, indicating faster delivery times.
Central Bank of Nigeria 2025-11-27
Central Bank of Nigeria reports November 2025 PMI rises to 56.4, marking the strongest expansion signal of 2025
The Central Bank of Nigeria's November 2025 Purchasing Managers’ Index (PMI) report shows a rise to 56.4, indicating economic expansion for the twelfth consecutive month. Of the 36 subsectors, 29 expanded, with Water Supply, Sewage & Waste Management leading growth, while Paper Products saw the highest decline. Key components such as Output, New Orders, Employment, and Stock of Raw Materials also expanded, with faster delivery times noted.