December 9, 2025/CSL Report
The Central Bank of Nigeria (CBN) has released the November 2025 Purchasing Manager’s Index (PMI) report, covering the Agriculture, Services, and Industry sectors. The composite PMI rose to 56.4 points in November, up from 55.4 points in October, indicating continued growth in business activities and marking the eleventh consecutive month of expansion. A PMI reading above 50.0 points signifies growth, while a reading below 50.0 reflects contraction.
Agriculture maintained its strong performance, rising to 58.2 points from 55.7 in October and marking its 16th consecutive month of expansion. The Services sector also strengthened, increasing to 56.8 points from 55.6 and recording its tenth straight month of growth. Meanwhile, the Industry sector remained stable at 54.2 points in the month under review month.
The key PMI sub-indices remained firmly in expansion territory in November. Delivery times improve slightly to 55.6 points from 54.8 in October, while inventories increased to 54.3 points from 53.6 points. New orders also strengthened, rising to 56.7 points from 56.0 points, indicating firmer demand. Additionally, employment levels edged up to 54.4 points from 53.8 points, pointing to a more resilient labour market.
The positive November PMI points to improving economic conditions. Building on Nigeria’s Q3 GDP growth and supported by easing inflation, the continued expansion in private-sector activity strengthens expectations of a more stable growth path as the country moves into 2026. Core sectors such as manufacturing and services are well placed to sustain this momentum, helped by a more stable currency, gradual improvements in domestic demand, and declining cost pressures. However, several challenges could still limit the pace of recovery. Weak consumer purchasing power, high logistics and energy costs, and tight liquidity conditions continue to limit business operations and access to working capital.
Click here to download full report: CSL_Nigeria_Daily_-_09_December_2025_-_PMI.pdf
