The Central Bank of Nigeria published its March 2025 Purchasing Managers’ Index (PMI), with the composite PMI at 52.3, indicating expansion in economic activity for the third consecutive month. The PMI readings for industry, services and agriculture all remained above the 50.0-point threshold, signalling broad-based growth across the surveyed sectors. The composite output, new orders and employment indices recorded growth at 52.8, 52.2 and 51.7, while stock of raw materials increased at 51.8 and suppliers’ delivery times were faster at 53.1. Across 36 subsectors, 24 reported growth, 12 contracted and two were unchanged, with forestry recording the highest growth and nonmetallic mineral products the highest decline. Within the sector results, industry printed 51.5 with 9 of 17 subsectors expanding (led by water supply, sewerage and waste management) and cement showing the largest contraction; services printed 51.5 with 10 of 14 subsectors expanding (led by finance and insurance) and transportation and warehousing contracting the most; agriculture printed 54.7 with all five subsectors expanding. Input price indices were higher than output price indices across the composite and each sector, indicating cost pressure, with the industry sector recording the highest input price index and the services sector the highest output price index; the survey covered 1,900 respondents and was conducted from 10–14 March 2025.
Central Bank of Nigeria 2025-04-09
Central Bank of Nigeria reports March 2025 composite PMI at 52.3 for a third consecutive month of expansion
The Central Bank of Nigeria's March 2025 Purchasing Managers’ Index (PMI) indicates economic expansion with a composite PMI of 52.3, marking growth across industry, services, and agriculture. Notably, 24 of 36 subsectors reported growth, with forestry leading and nonmetallic mineral products declining the most. Input price indices surpassed output price indices, highlighting cost pressures, particularly in the industry sector.