Nigeria’s Economy Grows for 12th Month

Nigeria’s economic expansion continued in November, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points, the Central Bank of Nigeria (CBN) reported on Monday.

The figure marked the twelfth consecutive month of growth in economic activity.

The industrial sector maintained its upward trend with a PMI of 54.2 points, with 10 of the 17 industrial subsectors reporting growth, reflecting stronger output across the value chain.

The services sector posted a PMI of 56.8 points, extending its expansion streak to the tenth month, while the agriculture sector led the growth at 58.2 points, marking sixteen straight months of expansion.

All five agricultural subsectors recorded growth, underscoring the sector’s vital role in national output amid rising food and raw material demand.

The CBN noted that all 14 services subsectors also recorded growth, highlighting broad-based recovery and strengthening consumer-facing and professional services.

However, the report highlighted variations in price pressures: agriculture faced the widest gap between input and output prices at 7.2 points, while services experienced the narrowest gap at 2.7 points.

Meanwhile, the National Bureau of Statistics (NBS) reported that Nigeria’s GDP grew by 3.98 per cent year-on-year in real terms in Q3 2025, up from 3.86 per cent in Q3 2024.

Agriculture grew by 3.79 per cent, an improvement on 2.55 per cent the previous year; industry expanded by 3.77 per cent, up from 2.78 per cent; and services grew by 4.15 per cent, slightly down from 4.97 per cent.

Aggregate GDP at basic prices reached ₦113.58 trillion, compared with ₦96.16 trillion in Q3 2024, representing an 18.12 per cent year-on-year nominal growth.

Services contributed 53.02 per cent to GDP in Q3 2025, slightly higher than 52.93 per cent in the same quarter of 2024.

CBN Governor Olayemi Cardoso described Nigeria’s economy as more resilient than ever, noting during the 60th annual dinner of the Chartered Institute of Bankers of Nigeria in Lagos that the country, alongside Ethiopia, is leading economic recovery on the African continent and better equipped to withstand external shocks.