Nigeria’s PMI Rises to 54.0 in September, Signals Stronger Economic Growth — CBN

Nigeria’s economic growth gathered pace in September 2025, as the Central Bank of Nigeria (CBN) reported a significant rise in the nation’s Purchasing Managers’ Index (PMI) to 54.0 points, up from 51.7 points in August. This marks the tenth consecutive month of expansion, signaling sustained business confidence and improving productivity across major sectors of the economy.

According to the CBN’s latest PMI report, the stronger index reading reflects broad-based improvements in output, new orders, and employment across the Industry, Services, and Agriculture sectors. The PMI, a key measure of economic health, indicates expansion when above 50 points. September’s 54.0 reading, therefore, points to a more resilient economy in the third quarter of 2025, driven by rising demand and better supply chain performance.

Sectoral data showed that 28 out of 36 subsectors recorded growth, underscoring the diversity of the expansion. The Forestry subsector stood out with an impressive 73.6 index points, highlighting agricultural strength, while Nonmetallic Mineral Products experienced the sharpest contraction at 40.7 points. The Industry Sector also bounced back into expansion territory, posting 51.4 points after a brief contraction in August, with Printing and Related Support Activities leading at 59.4 points.

The Services Sector sustained its growth for the eighth straight month, hitting 54.7 points in September. Educational Services led the charge with 65.8 points, while all major indicators—Business Activities, New Orders, Employment, and Inventories—remained firmly in the expansion zone. Meanwhile, the Agriculture Sector maintained its robust form with 54.8 points, marking the fourteenth consecutive month of growth. The Forestry segment once again led gains, signaling consistent contributions from the sector to Nigeria’s overall GDP.

Analysts note that the PMI performance reflects renewed business optimism and improving operating conditions, even amid ongoing macroeconomic challenges. Rising production, stronger consumer demand, and efficient supplier deliveries suggest that Nigerian firms are adjusting effectively to economic realities. The report reinforces the view that the economy is on a steady recovery path, with key sectors showing resilience and potential for sustained growth through the final quarter of 2025.

Source: Vanguard