Nigeria: Economic Activities Expand for 12th Consecutive Month in November - CBN

By Elizabeth Adegbesan

Economic activities in Nigeria continued their growth streak, expanding for the 12th consecutive month in November 2025, according to the Central Bank of Nigeria (CBN).

The Purchasing Managers' Index (PMI) for November stood at 56.4 points, up from 55.4 points in October.

The CBN noted that out of 36 subsectors surveyed, 29 experienced expansion, marking the strongest overall growth signal recorded so far in 2025. The Water Supply, Sewage, and Waste Management subsector posted the highest growth, while Paper Products recorded the steepest decline among the seven subsectors that contracted. However, the overall contraction was insufficient to offset the broad-based expansion observed.

By sector, the industry sector expanded at 54.2 index points, the service sector at 56.8 points, and the agriculture sector at 58.2 points during the review period.

The report highlighted that 10 of 17 industrial subsectors grew, reflecting a robust and widespread expansion in the sector. In the services sector, all 14 subsectors surveyed recorded growth, marking sustained expansion for the tenth consecutive month.

The agriculture sector, expanding for the 16th consecutive month, recorded growth across all five subsectors. Notably, the sector also recorded the widest gap between input and output prices at 7.2 index points, while the services sector showed the narrowest gap at 2.7 points.

The CBN's November PMI underscores continued momentum in Nigeria's economic recovery, driven by broad-based growth across industry, services, and agriculture.

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