PMI surges to 54.0 in September — CBN

Nigeria’s economy maintained upward momentum in September 2025, as the Purchasing Managers’ Index (PMI) rose to 54.0 points from 51.7 points in August, marking the tenth consecutive month of expansion.According to the latest PMI report released by the Central Bank of Nigeria (CBN), the index indicated stronger expansion in business activity across key sectors.
PMI is a key indicator of economic health, with readings above 50 signifying expansion. Nigeria’s 54.0 reading in September indicates continued improvement in output, new orders, and employment.
The improvement reflects broad-based growth across the Industry, Services, and Agriculture sectors, reflecting sustained economic resilience in the third quarter of 2025.
The Composite PMI growth in September, alongside its three major sectoral indices (Industry, Services, and Agriculture), indicated a healthy improvement in overall economic activity.
The report showed strong readings across key indicators: Output Index 54.8 points; New Orders Index 53.7 points; Employment Index 53.4 points; Raw Materials Inventory 52.9 points; and Suppliers’ Delivery Time, 54.6 points.
The numbers reflect rising production, higher demand, and faster supply chain performance, suggesting that businesses are operating more efficiently.
Out of 36 subsectors surveyed by CBN, 28 reported expansions, while only 8 recorded mild contractions. The Forestry subsector recorded the strongest performance with an impressive 73.6 index points, while Nonmetallic Mineral Products posted the sharpest decline to 40.7 index points.
The Industry Sector PMI rebounded to 51.4 points in September, up from 49.1 points in August, signaling a return to expansion after briefly contracting in the previous month.Out of 17 industrial subsectors, 11 recorded growth, led by Printing & Related Support Activities (59.4 points), while 6 subsectors showed slight contractions, with Nonmetallic Mineral Products being the weakest at 40.7 points.
Key indicators within the sector showed: Output 51.6; Employment 51.9 points; Raw Materials Inventory 51.1 points; and Suppliers’ Delivery Time 54.6 points.
Although New Orders (49.4 points) contracted slightly, overall activity remained positive, reflecting better production output and labour engagement.
The Services Sector maintained its solid growth streak for the eighth consecutive month, posting 54.7 points in September.
All key indicators expanded: Business Activities (56.3), New Orders (55.1), Employment (54.1), and Inventories (53.2), all showing consistent demand and employment growth in the sector.
Out of 14 subsectors, 12 recorded expansions, led by Educational Services (65.8 points), while Professional, Scientific & Technical Services saw a mild contraction at 45.6 points.
Also, the Agriculture Sector PMI rose to 54.8 points, marking its fourteenth consecutive month of expansion and maintaining its position as the strongest-performing sector.
Growth was broad-based, with all five subsectors expanding. Key sub-indices were: General Farming Activities 55.4 points; New Orders 55.9 points; Employment 53.4 points; and Raw Materials Inventory 54.5 points;
The Forestry subsector led the gains, posting a remarkable 73.6 points, highlighting sustained agricultural strength and its contribution to national output.