By Tobi Awodipe
Activities in the Organised private sector (OPS) continued its upward trajectory in March 2025, with the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rising to 52.3 index points, up from 51.4 recorded in February 2025.

The latest PMI data highlights a third consecutive month of expansion in business activity and new orders, driven by improving customer demand and increased commitment to new projects across sectors.

According to the report released by the apex bank, the sustained growth in economic activity was broad-based, with key sectors, industry, services and agriculture all recording positive momentum.

The report noted that the industry sector posted a PMI of 51.5 points, indicating steady expansion in industrial activities, while the services sector posted a PMI of 51.5 points. The Agriculture sector led the pack with a robust PMI of 54.7 points, representing the strongest growth among the three sectors.

In addition to sectoral performance, key sub-indices also showed signs of resilience and expansion. The report noted that the Output Index stood at 52.8 points, reflecting increased production levels. The New Orders Index recorded 52.2 points, pointing to a rise in demand and business orders.

Meanwhile, the Employment Index posted 51.7 points, suggesting a moderate but consistent improvement in job creation across sectors. Out of 36 sub-sectors tracked, 24 reported growth in economic activities, with forestry leading as the fastest-growing subsector.

The report also highlighted varying cost pressures across sectors, with the industry sector recording the highest input price inflation; the services sector had the highest output price inflation, while the agriculture sector recorded the lowest input and output price increases, indicating relatively stable costs.

The latest PMI reading of 52.3 shows a growing sense of resilience and optimism within the private sector, despite economic challenges and a harsh operating environment.