January 8, 2026/CSL Update
The Central Bank of Nigeria (CBN) has released its December 2025 Purchasing Managers’ Index (PMI) report for the agriculture, services, and industry sectors. The composite PMI rose to 57.6 points in December from 56.4 points in November, marking the strongest pace of activity in nearly five years. This reading signals continued expansion in business activities and represents the thirteenth consecutive month of growth. A PMI reading above 50.0 indicates expansion, while a reading below 50.0 denotes contraction.
Sectoral performance remained broadly positive. The agriculture sector sustained its strong momentum, recording a PMI of 58.5 points, slightly higher than November’s 58.2 points and extending its expansion streak to 17 months. The services sector also remained in expansion for the eleventh consecutive month, although growth moderated slightly to 56.4 points from 56.8 in November. Meanwhile, the industry sector strengthened further, rising to 57.0 points from 54.2 in November, and continuing its recovery from the contractionary reading of 49.1 recorded in August 2025. Overall, economic activity remained firmly in growth territory.
Key PMI sub-indicators showed mixed but generally positive trends. Suppliers’ delivery times and raw material inventories remained in expansion, though with marginal moderation. Delivery times increased to 58.2 points in December from 55.6 points in November, while inventories edged up to 54.5 points from 54.3 points. These movements reflect improved supply chain logistics associated with the festive season and ongoing restocking by businesses. New orders strengthened further, rising to 58.7 points from 56.7 points in November, signalling robust demand conditions. Employment levels, however, eased slightly to 54.2 points from 54.4 points.
Output and new orders remained in expansion across all three sectors, underscoring increased business activities towards year-end. Notably, output prices rose at a faster pace than input prices across sectors, suggesting improved profit margins as firms capitalised on heightened festive demand. Looking ahead, the composite PMI is expected to remain in expansion, supported by continued moderation in inflation, which should help ease input cost pressures. However, the broader economic outlook remains contingent on the effectiveness of ongoing macroeconomic stabilisation measures, particularly efforts to improve the operating environment and strengthen business confidence.
Click here to download full report: CSL Nigeria Daily – 08 January 2026 – PMI.pdf
