Nigeria’s PMI Hits 54.0 in September 2025, Signaling 10th Month of Economic Growth
Nigeria’s economy continued its steady recovery in September 2025, with the Purchasing Managers’ Index (PMI) climbing to 54.0 points, up from 51.7 in August. This marks the tenth consecutive month of expansion in business activity, reflecting growing confidence among companies across the country. The latest report from the Central Bank of Nigeria (CBN) highlights broad-based growth in the Industry, Services, and Agriculture sectors, showcasing the nation’s resilience in the third quarter of the year.
The composite PMI reading was supported by strong performances across key sub-indices. Output rose to 54.8 points, new orders reached 53.7, and employment expanded to 53.4. Suppliers’ delivery times improved to 54.6 points, while raw materials inventories recorded 52.9 points. Overall, 28 out of 36 surveyed subsectors reported growth, led by Forestry with an impressive 73.6 points, while Nonmetallic Mineral Products lagged at 40.7 points. These figures suggest that businesses are ramping up production, meeting rising demand, and managing supply chains more efficiently.
The industrial sector returned to expansion in September with a PMI of 51.4 points, rebounding from 49.1 points in August. Eleven of 17 industrial subsectors grew, led by Printing & Related Support Activities at 59.4 points. Even though new orders contracted slightly to 49.4 points, overall industry activity remained positive, driven by higher output and stronger employment. Nonmetallic Mineral Products was the weakest performing subsector, indicating targeted challenges within certain manufacturing areas.
Services and Agriculture also demonstrated sustained growth. The Services Sector PMI reached 54.7 points, marking the eighth consecutive month of expansion. Educational Services led the gains at 65.8 points, while most other services subsectors recorded steady growth. Agriculture continued to dominate as the strongest-performing sector with a PMI of 54.8 points, extending its 14-month streak of expansion. General farming, forestry, and other subsectors contributed to broad-based growth, highlighting the sector’s vital role in national output and economic stability.
Despite ongoing expansion, input costs remained above output prices across sectors, signaling persistent cost pressures for businesses. Input price indices stood at 64.2 points for the composite, with agriculture bearing the highest input costs at 68.4 points. The continued PMI growth, however, underscores rising business confidence, efficient supply chains, and an improving macroeconomic environment. Analysts say the sustained momentum across key sectors bodes well for investment and economic stability as Nigeria heads into the final quarter of 2025.
Source: Nairametrics