Nigeria’s private sector sustained its growth streak for the 11th consecutive month in October, driven by gains across industry, services, and agriculture, according to the Central Bank of Nigeria (CBN). The country’s composite Purchasing Managers’ Index (PMI) rose to 55.4 points from 54.0 in September, marking the highest reading this year and signaling stronger business conditions nationwide. A PMI above 50 indicates expansion, highlighting broad-based optimism in the economy.
The industrial sector showed notable recovery, with its PMI climbing to 54.2 points in October from 51.4 the previous month. Nine out of seventeen subsectors expanded during the period, reflecting improved manufacturing activity and more stable supply chains. Analysts noted that the rebound suggests the sector is steadily overcoming earlier disruptions caused by energy costs and supply constraints.
Nigeria’s services sector, the largest contributor to GDP, also recorded solid growth, posting a PMI of 55.6 in October, up from 54.8 in September. Eleven of fourteen subsectors reported higher activity, marking the ninth straight month of expansion. This resilience points to sustained confidence and adaptability in services amid ongoing macroeconomic adjustments.
Agriculture continued to outperform, with a PMI of 55.7, marking its fifteenth consecutive month of expansion—the longest streak among all sectors. Gains were recorded across all five agricultural subsectors, highlighting the sector’s critical role in food supply and rural employment. However, rising production costs were noted, with the sector posting the widest input-output price gap of 8.4 points.
Across the economy, the CBN report showed stronger demand and hiring trends, with the Output Index at 57.2 points, New Orders at 56.0, and Employment at 53.8. Educational services led growth among subsectors, while Petroleum and Coal Products recorded mild contraction. Overall, the consistent expansion across industry, services, and agriculture reflects strengthening growth fundamentals and supports a positive outlook for Nigeria’s economy in the final quarter of 2025.
source: The Sun