Nigeria’s economy closed 2025 on a strong note, recording its highest level of expansion for the year as overall economic activity rose to 57.6 index points in December, up from 56.4 points in November, according to the Central Bank of Nigeria.
The apex bank disclosed this in its Purchasing Managers’ Index report for December 2025, describing the performance as the thirteenth consecutive month of economic expansion and the strongest signal recorded so far in the year.
According to the CBN, the rise in the composite PMI reflects a stronger and more broad-based recovery across key sectors of the economy, driven by sustained growth in industry, services, and agriculture.
The bank stated that the composite PMI stood at 57.6 index points in December 2025, compared with 56.4 index points in the preceding month, indicating a solid and widespread expansion in aggregate economic activity. It noted that the reading marked the thirteenth straight month above the 50-point threshold, which separates growth from contraction.
The report revealed that 32 out of the 36 subsectors surveyed recorded expansion during the period, highlighting the depth and resilience of the current economic momentum.
The industry sector emerged as one of the standout performers, recording its highest expansion level in nearly five years. The industrial PMI rose to 57.0 index points in December 2025, its strongest showing since March 2020. Out of the 17 industrial subsectors surveyed, 14 reported growth, pointing to a broad-based recovery in manufacturing and related activities.
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The services sector also maintained its positive trajectory, with the PMI standing at 56.4 index points in December. This marked the eleventh consecutive month of expansion in the sector. Thirteen of the 14 services subsectors recorded growth in business activity, while one remained unchanged, underscoring continued strength in consumer and business services.
Agriculture remained the strongest-performing sector in the review period, posting a PMI of 58.5 index points. The sector has now recorded expansion for seventeen consecutive months, with all five agricultural subsectors surveyed reporting growth in December 2025. The CBN said this reflects sustained activity across crop production, livestock, forestry, and fishing.
However, the report also flagged rising cost pressures across the economy. Input price indices for the composite PMI and its major sectors, industry, services, and agriculture, were higher than their respective output price indices, suggesting that businesses continue to grapple with elevated production costs.
The latest PMI figures add to growing signs of economic recovery, even as analysts caution that inflationary pressures and structural challenges could affect sustainability if not addressed.
