…Industry sector hits highest level in five years
By Elizabeth Adegbesan
Nigeria’s economic activities recorded their strongest expansion in 2025, rising to 57.6 index points in December from 56.4 points in November, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed this in its Purchasing Managers’ Index (PMI) Report for December 2025, noting that the latest figure represents the thirteenth consecutive month of economic expansion and the strongest signal recorded so far this year.
The CBN stated that the composite PMI’s increase reflects a stronger and more broad-based expansion in aggregate economic activity across key sectors of the economy.
“The composite PMI stood at 57.6 index points in December 2025, compared with 56.4 index points in November 2025, indicating a stronger and broad-based expansion in aggregate economic activity,” the bank said. “This marks the thirteenth consecutive month of expansion and represents the strongest expansion signal recorded so far in 2025.”
According to the report, 32 out of the 36 subsectors covered in the survey experienced expansion in economic activity during the review period.
The industry sector recorded its highest level of expansion in nearly five years, with the PMI rising to 57.0 index points in December 2025 — the strongest performance since March 2020.
Further analysis showed that 14 of the 17 industrial subsectors surveyed reported growth, pointing to a robust and widespread expansion in industrial activity.
The services sector also sustained its positive momentum, with the PMI standing at 56.4 index points in December, marking the eleventh consecutive month of expansion. Thirteen out of the 14 services subsectors recorded growth in business activity, while one subsector remained unchanged, underscoring the broad-based performance of the sector.
The agriculture sector emerged as the strongest performer, recording a PMI of 58.5 index points. This reflects expansion for the seventeenth consecutive month, with all five agricultural subsectors surveyed posting growth in December 2025.
The CBN also noted rising cost pressures across the economy, as input price indices for the composite PMI and its subsectors — industry, services and agriculture — recorded higher points than their corresponding output price indices during the period.
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