Nigeria’s economic engine is firing on all cylinders, with new data showing robust expansion across industry, services, and agriculture. The latest Purchasing Managers’ Index (PMI) soared to 56.4 in November 2025, up from 55.4 the previous month, signaling the twelfth consecutive month of growth and a wave of optimism sweeping through the business community.
The numbers don’t lie: businesses are ramping up production, expanding operations, and seizing new demand opportunities. It’s a broad-based rally—29 out of 36 subsectors charted gains, making November the strongest month yet for economic expansion in 2025.
Breaking it down by sector, the industry PMI climbed to 54.2, services reached 56.8, and agriculture led the pack at 58.2. Output is surging too, with the composite output index jumping to 59.1. Agriculture in particular is on a tear, notching its sixteenth straight month of growth and widening the gap between input and output prices—a sign of healthy demand and rising productivity.
The industry sector is holding steady, with strong showings in output, new orders, and employment. While inventory levels dipped slightly—likely a result of faster sales and manufacturers hustling to keep up—the overall picture is one of resilience and forward momentum. Improved logistics, especially in oil and coal, are helping keep supply chains humming.
The services sector is no slouch either, marking its tenth straight month of growth, with all 14 subsectors reporting expansion. Water supply, waste management, and other services are leading the charge, while even sectors facing mild contractions haven’t slowed the overall uptrend.
Economic expectations are staying bullish. Monetary Policy Committee member Aloysius Uche ORDU projects output growth of 3.87% in Q2 and 4.25% for the full year, provided fiscal reforms and infrastructure investments stay the course. Despite lingering concerns over energy costs and security, both business and household confidence are on the rise, with capacity utilization in agriculture hitting new highs.
As 2025 draws to a close, all signs point to Nigeria’s economy finishing the year on a strong, upward note. The latest PMI figures don’t just show numbers—they tell a story of resilience, adaptation, and a business community poised for even greater gains in the months ahead.
