Nigeria’s business activity expanded for the 13th consecutive month in December 2025, according to the Purchasing Managers’ Index (PMI) report published on Tuesday by the Central Bank of Nigeria (CBN).
The composite PMI rose to 57.6 points in December, up from 56.4 points in November, indicating a stronger and broad-based expansion in economic activity. A PMI reading above 50 points signals expansion.
The CBN said the December reading was the strongest expansion signal recorded in 2025, with 32 out of the 36 subsectors covered in the survey reporting growth during the month.
“The composite PMI for December 2025 stood at 57.6 points, signaling expansion in aggregate economic activity for the thirteenth consecutive month. Out of the 36 subsectors covered in the survey, 32 experienced expansion in economic activity. This represents the strongest expansion signal recorded so far in 2025,” it said.
The report showed that economic activity expanded across all major sectors. The industry sector PMI stood at 57.0 points, its highest expansionary level since March 2020, with 14 of the 17 industrial subsectors recording growth.
The services sector PMI rose to 56.4 points, marking the eleventh consecutive month of expansion, as business activity increased in 13 of the 14 subsectors surveyed.
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“In December 2025, the industry sector MI stood at 57.0 index points, reflecting the highest expansionary trajectory since March 2020. Further analysis indicated that 14 of the 17 subsectors surveyed reported growth in industrial activity, indicating a stronger, robust and widespread expansion in aggregate economic activity,” the report read.
The agriculture sector recorded the strongest performance, with its PMI rising to 58.5 points, extending expansion to the seventeenth consecutive month, driven by general farming activities across all five agricultural subsectors.
Key components of the composite index also pointed to sustained growth. Output increased to 60.0 points, new orders rose to 58.7 points, and employment expanded to 54.2 points, suggesting continued demand and job creation.
The stock of raw materials index rose to 54.5 points, while the suppliers’ delivery time index stood at 58.2 points, indicating faster delivery times and improved supply efficiency.
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However, the report noted that input prices remained higher than output prices across the composite index and its subsectors, highlighting ongoing cost pressures faced by businesses.
Overall, the CBN said the broad-based expansion across industry, services and agriculture points to a robust and sustainable growth momentum, supporting a positive economic outlook for the fourth quarter of 2025.
