Nigeria’s economic expansion has maintained a growth trajectory with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points in November.
The Central Bank of Nigeria’s PMI report for the month under review, released on Monday, noted that the rise marked the twelfth consecutive month of expansion in economic activity.
The industry sector maintained its upward trajectory with a PMI reading of 54.2 points.
Further breakdown showed that 10 of the 17 industrial subsectors reported growth, underscoring renewed resilience and stronger output levels across the industrial value chain.
Similarly, the services sector posted a PMI of 56.8 points, extending its expansion streak to the tenth consecutive month.
The agriculture sector continued to outperform other segments with a PMI of 58.2 points, signalling expansion for the sixteenth straight month.
All five agricultural subsectors recorded growth, affirming the sector’s central role in supporting national output amid rising demand for food and raw materials.
Notably, all 14 subsectors surveyed within services recorded growth in business activity, highlighting the sector’s broad-based recovery and the strengthening of consumer-facing and professional service segments.
However, the CBN report indicated notable variations in price pressures across the sectors.
Agriculture recorded the widest gap between input and output prices at 7.2 index points, signalling rising cost pressures on farmers.
In contrast, the services sector experienced the narrowest gap at 2.7 index points, suggesting more contained price movements.
On Monday, the National Bureau of Statistics (NBS) said gross domestic product (GDP) grew by 3.98 per cent (year-on-year) in real terms in Q3 2025.
Credit: channelstv.com
