Nigeria’s private-sector activity strengthened in November 2025 as the Composite Purchasing Managers’ Index (PMI) rose to 56.4 points, up from 55.4 in October, signalling a faster pace of expansion across key segments of the economy.
The latest report from the Central Bank of Nigeria (CBN), which compiles the Nigeria PMI, showed that November marked the twelfth consecutive month of expansion, reflecting broad-based improvement in business conditions across the country.
Officials noted that the Nigeria PMI exceeded earlier 2025 performance levels, with the CBN stating that the November data confirmed ongoing expansion across all monitored sectors despite inflation pressures and global supply-chain uncertainty.
The main components of the Nigeria PMI recorded strong gains, with the Output Index at 59.1 points, New Orders at 56.7 points, Employment at 54.4 points, Raw Materials Inventory at 54.3 points and Suppliers’ Delivery Time at 55.6 points, indicating rising demand and improving operational efficiency.
Industry-sector activity remained in positive territory, as the industry component of the Nigeria PMI posted 54.2 points despite contractions in seven of the 17 subsectors tracked by the CBN, including a notable decline in Paper Products.
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Growth within the industry segment of the Nigeria PMI was supported by water supply, sewage and waste management, which recorded the strongest expansion, while raw materials inventory dipped to 49.7 points, suggesting tighter input supply or leaner inventory strategies.
The services segment of the Nigeria PMI stayed robust at 56.8 points, marking ten consecutive months of improvement, with all 14 subsectors expanding and educational services leading growth due to rising enrolment and increased private investment.
Professional, scientific and technical services recorded the slowest pace of expansion in the services-sector component of the Nigeria PMI, although it remained above the 50-point threshold that signals growth.
Agriculture maintained its position as the strongest performer within the Nigeria PMI framework, rising to 58.2 points and achieving its sixteenth straight month of expansion as all five agricultural subsectors improved on the back of better farming conditions and higher domestic demand.
General farming activities reached 61.4 points in the agriculture section of the Nigeria PMI, while forestry led subsector growth due to an uptrend in timber demand and improved access to raw materials.
Economists said the sustained rise in the Nigeria PMI offers clearer evidence that the economy is recovering from recent shocks, with consistent improvements in output, new orders and employment likely to support investor confidence, capital inflows and medium-term sectoral expansion.
