Business activities across Nigeria’s productive sectors recorded a notable upturn in September 2025 as the Central Bank of Nigeria’s (CBN) latest Purchasing Managers’ Index (PMI) report showed the composite PMI rose sharply to 54.0 points, up from 51.7 points in August. The development signaled a stronger and broad-based recovery in economic activity, marking the 10th consecutive month of growth across the country’s key sectors.

According to the CBN’s September 2025 PMI Report, the growth reflected sustained improvement across the industry, services, and agriculture sectors, with 28 of the 36 subsectors surveyed recording expansion. The apex bank attributed the improvement to increased output, stronger employment levels, and faster supplier delivery times, suggesting improved operating conditions across Nigeria’s productive economy.

The services sector remained the strongest driver of growth, with its PMI climbing to 54.7 points, maintaining expansion for the eighth consecutive month. Twelve out of the fourteen subsectors surveyed, including educational services, accommodation, and food services, reported expansion in business activities. Educational services led the rally, while professional, scientific, and technical services experienced mild contraction.

The agriculture sector continued to demonstrate robust performance, posting a PMI of 54.8 points in September, its fourteenth consecutive month of expansion. The sector maintained the strongest growth among the three major components of the composite PMI.

However, the report observed a widening gap between input and output prices at 8.2 index points, indicating increased production costs being absorbed by firms to sustain competitiveness, especially amid ongoing inflationary pressures affecting agricultural inputs.

After a brief slowdown in August, the industry sector returned to the expansion path with a PMI of 51.4 points, up from 49.1 points previously.
Among the 17 industrial subsectors surveyed, 11 recorded expansions, led by printing and related support activities, while non-metallic mineral products posted the most significant contraction.

The agriculture sector recorded the highest input price index at 68.4 points, while services had the highest output price index at 60.7 points. Conversely, the industry sector recorded the lowest output price at 58.3 points, reflecting tighter margins among manufacturers.

The CBN noted that the narrowest input-output price gap was observed in the services sector (2.2 points), implying more stable price conditions, while the widest gap in agriculture signals cost pressures in the food supply chain.

Overall, the September PMI report highlighted that Nigeria’s economy is sustaining a broad-based expansionary trajectory driven by positive developments across its real sectors. Analysts say the continued improvement in business activity aligns with the CBN’s efforts to stabilize inflation, support production, and improve credit access to small and medium-sized enterprises.