The Nigerian economy continued its upward momentum in November as the Composite Purchasing Managers’ Index (PMI) rose to 56.4 points, marking the twelfth consecutive month of expansion, the Central Bank of Nigeria (CBN) reported yesterday. The index reflects broad-based growth across 29 of 36 surveyed subsectors, signaling the strongest and most resilient expansion pattern recorded this year.
The industrial sector maintained steady growth with a PMI of 54.2 points, highlighting robust activity in manufacturing and allied industries. Ten out of 17 industrial subsectors reported expansion, underscoring improved output levels and renewed resilience across the sector’s value chain, according to the CBN report.
The services sector also showed a healthy performance, posting a PMI of 56.8 points and extending its expansion streak to the tenth month. All 14 subsectors within services reported growth, reflecting increased activity in consumer-facing and professional services and signaling a broad-based recovery in the sector.
Agriculture continued to lead the growth charge with a PMI of 58.2 points, marking its sixteenth consecutive month of expansion. All five agricultural subsectors recorded growth, reinforcing the sector’s critical role in sustaining national output amid rising demand for food and raw materials. However, the report highlighted rising input costs in agriculture, with a 7.2-point gap between input and output prices, while services recorded the lowest price pressure at 2.7 points.
With agriculture, services, and industry all firmly in expansion territory, Nigeria’s November PMI underscores strengthening economic fundamentals as the country approaches year-end. The data reflects widespread growth across key sectors, signaling optimism for continued economic recovery and stability.
source: Vanguard