Nigeria’s private sector continued its growth momentum in March 2025, as the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) climbed to 52.3, up from 51.4 in February. This marks the third consecutive month of expansion, driven by stronger customer demand and an increased commitment to new projects. The PMI reflects a general sense of optimism and improved business activity across the country, signaling continued resilience in the Nigerian economy.
The CBN report highlighted broad-based growth across key sectors—Industry, Services, and Agriculture—all showing positive performance during March 2025. The Industry and Services sectors each posted a PMI of 51.5, indicating steady expansion, while Agriculture led with a PMI of 54.7, the highest among the three sectors. This broad-based growth suggests that businesses are gaining confidence in the market, with many sectors expanding their operations and preparing for future growth opportunities.
Subsector performance was similarly positive, with 24 out of 36 tracked subsectors reporting growth. Forestry emerged as the fastest-growing subsector, while Nonmetallic Mineral Products saw the most significant decline. The report also noted improvements in key indices such as Output (52.8 points), New Orders (52.2 points), and Employment (51.7 points), which indicates a steady increase in production, demand, and job creation across the economy.
Despite the positive growth outlook, inflationary pressures remain a concern, particularly in the Industry and Services sectors, where input and output prices continue to rise. However, the overall PMI expansion suggests that Nigeria’s private sector is displaying resilience, with businesses increasingly confident in the economic recovery. This growth trajectory points to continued optimism, as employers increase hiring and stockpile inventories in preparation for future demand.
Source: naira metrics