October 14, 2025/CSL Research
The Central Bank of Nigeria (CBN) has released the September 2025 Purchasing Managers’ Index (PMI) report, covering the Agriculture, Services, and Industry sectors. The composite PMI rose to 54.0 points in September, up from 51.7 points in August, indicating continued growth in business activity and marking the tenth consecutive month of expansion.
A PMI reading above 50.0 points signifies growth, while a reading below 50.0 reflects contraction.
By sector, Agriculture maintained its strong performance, rising to 54.8 points from 53.9 points in August extending its expansion streak to 14 consecutive months. The Services sector also strengthened, climbing to 54.7 points from 51.9 points, marking its eighth straight month of growth. Meanwhile, the Industry sector rebounded after slipping into contraction in August, posting 51.4 points compared with 49.1 points in the previous month.
Among the key PMI sub-indicators, suppliers’ delivery times and raw material inventories remained in expansion territory in September. Delivery times rose to 54.6 points from 52.4 points in August, while inventories increased to 54.6 points from 51.2 points. New orders also strengthened, climbing to 53.7 points from 50.9 points in July, reflecting stronger demand. In addition, employment levels improved to 53.4 points, up from 51.0 points in August, suggesting a more robust labour market.
The September PMI results indicate that the country’s recovery is gaining momentum. Although the manufacturing sector remains relatively weak, overall business conditions are improving. Supported by recent monetary easing, the outlook for investment activity and corporate growth appears increasingly positive. Looking ahead, production and composite output are expected to remain in expansion territory, underpinned by a projected further moderation in inflation, which should help ease input cost pressures. Nonetheless, upside risks to inflation persist and could potentially slow the pace of improvement in business activity.
Click here to download full report: CSL Nigeria Daily – 14 October 2025 – PMI .pdf
