Nigeria’s September 2025 Purchasing Managers’ Index (PMI), a gauge for manufacturing sentiments, rose to 54.0 points, signaling sustained expansion in aggregate economic activity for the tenth consecutive month.
According to the report released by the Central Bank of Nigeria (CBN), the PMI climbed to 54.0 index points in September, compared with 51.7 index points in August 2025, indicating a stronger and broad-based expansion in aggregate economic activity.
This marks the tenth consecutive month of expansion.
According to the report, in September 2025, the industry sector PMI stood at 51.4 index points, reflecting an expansionary trajectory.
Further analysis indicates that 11 of the 17 subsectors surveyed reported growth, highlighting a moderate but broad-based improvement in industrial activity.
The Industry Sector posted expansion in September 2025, which is largely driven by increases recorded in all the sectoral indicators except for new orders.
The Service Sector PMI, at 54.7 points in September 2025, indicated sustained expansion for the eighth consecutive month. Twelve of the 14 subsectors surveyed recorded growth in business activity, underscoring the broad-based nature of the sector’s performance.
The Services Sector recorded expansion for the eighth consecutive month in the review month, attributable to increased business activities.
At 54.8 index points in September 2025, the Agriculture Sector recorded expansion for the 14th consecutive month. All five subsectors recorded growth in agricultural activities.
The sector recorded the widest gap between input and output prices at 8.2 index points in September 2025. The main driver of the expansion was an increase in new orders.
Conversely, the Services Sector recorded the narrowest gap at 2.2 index points.
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Overall, the September 2025 PMI data indicated a continued expansion in economic activities across Nigeria.
A further breakdown of the 36 subsectors across the Industry, Services, and Agriculture Sectors showed that 28 subsectors reported expansion in economic activity during the review month, with the Forestry subsector posting the strongest growth.
Only eight subsectors recorded mild contractions in economic activities, with Nonmetallic Mineral Products reporting the highest decline; however, the CBN said the overall impact was insignificant to offset the broad-based expansion observed across the other subsectors.
