Nigeria’s economy has recorded its 11th consecutive month of expansion, with the Purchasing Managers Index (PMI) climbing to 55.4 points in October 2025, the Central Bank of Nigeria (CBN) has disclosed.

The latest PMI report shows an improvement from September’s 54 points, signalling broad-based growth across key sectors and reinforcing positive business sentiment nationwide.

According to the apex bank, 25 of the 36 subsectors surveyed posted expansion during the review period, reflecting the resilience of Africa’s largest economy despite prevailing macroeconomic headwinds.

The industrial sector led the month’s improvement, with its PMI rising to 54.2 index points from 51.4 points in September. 9 of the 17 industrial subsectors recorded increased activity, confirming sustained recovery momentum in manufacturing and allied sectors.

Nigeria’s services sector, a critical driver of non-oil growth, maintained its upward trajectory for the ninth consecutive month, posting a PMI of 55.6 points in October. Eleven out of the 14 subsectors within the sector expanded, demonstrating the breadth of business activity growth.

The agriculture sector emerged as the star performer, recording 55.7 index points and marking its 15th consecutive month of expansion—the longest among the three composite sectors.

All five agricultural subsectors registered growth, underscoring the sector’s pivotal role in Nigeria’s economic recovery.

The CBN report revealed significant variations in price pressures across sectors. Agriculture recorded the widest gap between input and output prices at 8.4 index points, suggesting producers are grappling with elevated production costs.

In contrast, the services sector recorded the narrowest input-output price differential at 0.6 index points, indicating improved price stability and better cost management.

Key components of the composite PMI showed positive momentum during the review period. The output index rose to 57.2 points, while new orders climbed to 56 points, reflecting strengthening demand conditions.

The employment index advanced to 53.8 points, suggesting businesses are expanding their workforce in response to improved operating conditions.