Nigeria’s economy sustains growth as PMI hits 55.4 in October — CBN’s report
CBN Building
Nike Popoola
Nigeria’s economy strengthened further in October 2025 as the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rose to 55.4 points, marking the eleventh consecutive month of expansion in overall economic activity.
According to the CBN’s PMI report obtained by Dailyeconomy on Wednesday, 25 of the 36 subsectors surveyed recorded growth during the month, indicating broad-based improvement across major segments of the economy.
The composite PMI reading of 55.4 points underscores continued expansion in aggregate economic activity, reflecting rising output levels and steady business confidence nationwide.
In the industry sector, the PMI stood at 54.2 index points, maintaining an expansionary trend. Further analysis showed that 9 of the 17 subsectors surveyed posted growth in industrial activity, highlighting a stronger and more widespread recovery.
The service sector also extended its positive performance, recording a PMI of 55.6 points in October—its ninth consecutive month of expansion. Out of the 14 subsectors surveyed, 11 reported growth, underscoring the broad-based nature of business activities within the sector.
The agriculture sector continued to lead the momentum with 55.7 index points, representing its fifteenth consecutive month of expansion. All five subsectors recorded increases in agricultural activities, reaffirming the sector’s resilience.
The report also revealed notable differences in price pressures across sectors. The agriculture sector posted the widest gap between input and output prices at 8.4 index points, reflecting higher cost pressures. In contrast, the services sector recorded the narrowest gap, at 0.6 index points, indicating relatively stable pricing.
