Nigeria’s economic growth continued its upward trajectory in November, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points, according to the Central Bank of Nigeria (CBN).
The report, released on Monday, highlighted that this marks the twelfth consecutive month of expansion in economic activity.
The industry sector also showed resilience, recording a PMI of 54.2 points. Of the 17 industrial subsectors surveyed, 10 reported growth, reflecting strengthened output levels and renewed stability across the industrial value chain.
The services sector extended its expansion streak to ten months, posting a PMI of 56.8 points, while agriculture continued to outperform, recording a PMI of 58.2 points for the sixteenth consecutive month. All five agricultural subsectors reported growth, underscoring the sector’s pivotal role in sustaining national output amid rising demand for food and raw materials.
In addition, all 14 subsectors in the services sector recorded growth in business activity, signaling a broad-based recovery and strengthening performance in consumer-facing and professional services.
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However, the CBN report noted varying price pressures across sectors. Agriculture recorded the widest gap between input and output prices at 7.2 index points, indicating rising costs for farmers, while the services sector experienced the narrowest gap at 2.7 index points, suggesting more stable pricing.
The economic expansion is further supported by data from the National Bureau of Statistics (NBS), which reported that Nigeria’s gross domestic product (GDP) grew by 3.98 per cent year-on-year in real terms in the third quarter of 2025. The growth rate exceeds the 3.86 per cent recorded in Q3 2024.
“Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the third quarter of 2025. This growth rate is higher than the 3.86% recorded in the third quarter of 2024. During the quarter under review, agriculture grew by 3.79%, an improvement from the 2.55% recorded in the corresponding quarter of 2024,” the NBS stated.
The bureau added that the industry sector grew by 3.77 per cent, up from 2.78 per cent in Q3 2024, while the services sector recorded growth of 4.15 per cent compared with 4.97 per cent in the same period last year. Aggregate GDP at basic prices stood at N113.58 trillion in nominal terms.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2025 at 53.02% compared to the corresponding quarter of 2024 at 52.93%,” the bureau said, noting that the country’s nominal GDP also rose to N113.58 trillion from N96.16 trillion in Q3 2024, representing an 18.12 per cent year-on-year increase.
The positive data aligns with comments made by CBN Governor Olayemi Cardoso during his keynote address at the 60th annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos last Friday.
He remarked that Nigeria’s economy “can withstand external shocks today than ever in its history,” adding that Nigeria and Ethiopia are leading economic recovery on the African continent.
