November 28, (THEWILL) — According to the latest report from the Central Bank of Nigeria (CBN), Nigeria’s composite Purchasing Managers’ Index (PMI) surged to 56.4 points in November 2025, up from 55.4 in October. This marks 12 consecutive months of expansion, underscoring a sustained rebound in private-sector business activity.
Broad-Based Growth Across Sectors
Out of 36 subsectors surveyed, 29 reported expansion in November the strongest breadth of growth recorded so far in 2025.
By sector:
Agriculture posted a PMI of 58.2, continuing a long run of growth.
Services recorded 56.8, signalling robust demand and activity across services-oriented businesses.
Industry came in at 54.2, showing steady activity in manufacturing and industrial production.
Within the industrial group, 10 of the 17 subsectors showed growth. Meanwhile, all 14 subsectors in the services sector expanded. On the agriculture side, all five tracked subsectors posted gains, reinforcing the sector’s role as a stabilizing force for the economy.
What’s Fueling the Expansion
The report suggests several drivers behind November’s strong performance:
A big jump in the number of subsectors showing expansion 29 out of 36 suggests that growth isn’t limited to a few isolated sectors but is broad-based.
The standout performance of Water Supply, Sewage and Waste Management among subsectors points to improving infrastructure and utilities contributing to overall activity.
Although there were some lagging subsectors (notably in Paper Products), their contraction was not enough to offset the widespread gains elsewhere.
Implications: What This Means for Nigeria
Economic resilience: The consistent PMI growth suggests that many businesses are navigating challenges such as inflation and macroeconomic headwinds reasonably well.
Diversified growth base: With agriculture, industry, and services all contributing, the expansion appears more sustainable than growth driven by only one or two sectors.
Business confidence rising: The broad-based pickup across subsectors likely reflects improved demand, stronger order books, and possibly renewed investment all good signals for the near-term economic outlook.
Potential for employment and output gains: As firms expand especially in agriculture and services there could be knock-on benefits in job creation, production volumes, and possibly consumer spending.
Nigeria’s November PMI reading of 56.4, marking 12 straight months of expansion, underscores a steadily improving economic landscape driven by broad-based growth across agriculture, industry, and services. With 29 out of 36 subsectors recording expansion, the data points to strengthening business confidence, rising output, and improving demand conditions nationwide.
Ogochukwu Onwaeze
