West Africa: Nigeria's Economy Expands 11th Consecutive Month

13 November 2025
Vanguard (Lagos)
By Elizabeth Adegbesan

Nigeria's economy expanded for the eleventh consecutive month as Central Bank of Nigeria, CBN, Purchasing Managers' Index rises to 55.4 index points in October 2025 from 54 index points recorded in the previous month.

According to the CBN report, sectors that led the expansion include industry, service and agricultural sectors.

The report stated: "The composite PMI stood at 55.4 index points in October 2025, compared with 54.0 index points in September 2025, indicating a stronger and broad-based expansion in aggregate economic activity.

"This marks the eleventh consecutive month of expansion.

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"In October 2025, the industry sector PMI stood at 54.2 index points, reflecting an expansionary trajectory. Further analysis indicated that 9 of the 17 subsectors surveyed reported growth in industrial activity, indicating a stronger and broad-based expansion in aggregate economic activity.

"The Service Sector PMI, at 55.6 points in October 2025, indicated sustained expansion for the ninth consecutive month.

"Eleven (11) of the fourteen (14) subsectors surveyed recorded growth in business activity, underscoring the broad-based nature of the sector's performance.

"At 55.7 index points in October 2025, the Agriculture Sector recorded expansion for the fifteenth consecutive month. All the five (5) subsectors recorded growth in agricultural activities.

"The Agriculture sector recorded the widest gap between input and output prices at 8.4 index points in October 2025.

"Conversely, the Services Sector recorded the narrowest gap at 0.6 index points."

The report showed that a further breakdown of the 36 subsectors across the Industry, Services and Agriculture sectors revealed twenty-five (25) subsectors reported expansion in economic activity during the review month, with the Educational Services subsector posting the strongest growth.

"Only eleven (11) subsectors recorded mild contractions in economic activities, with Petroleum & Coal Products reporting the highest decline.

"However, the overall impact was insignificant to offset the broad-based expansion observed across the other subsectors", CBN added.

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