Nigeria’s financial system continued its upward momentum in September 2025, because the Buying Managers’ Index (PMI) rose to 54.0 factors, indicating stronger growth in enterprise exercise throughout key sectors.
In accordance with the most recent PMI report launched by the Central Bank of Nigeria (CBN), the index elevated from 51.7 factors in August, marking the tenth consecutive month of growth.
The development displays broad-based progress throughout the Trade, Companies, and Agriculture sectors, reflecting sustained financial resilience within the third quarter of 2025.
Broad-based growth throughout sectors
The Composite PMI progress in September, alongside its three main sectoral indices (Trade, Companies, and Agriculture), indicated a wholesome enchancment in general financial exercise.
The report confirmed robust readings throughout key indicators:
- Output Index: 54.8 factors
- New Orders Index: 53.7 factors
- Employment Index: 53.4 factors
- Uncooked Supplies Stock: 52.9 factors
- Suppliers’ Supply Time: 54.6 factors
The numbers replicate rising manufacturing, greater demand, and sooner provide chain efficiency, suggesting that companies are working extra effectively.
Out of 36 subsectors surveyed by the CBN, 28 reported expansions, whereas solely 8 recorded gentle contractions. The Forestry subsector recorded the strongest efficiency with a powerful 73.6 index factors, whereas Nonmetallic Mineral Merchandise posted the sharpest decline to 40.7 index factors.
Trade sector PMI
The Trade Sector PMI rebounded to 51.4 factors in September, up from 49.1 factors in August, signaling a return to growth after briefly contracting within the earlier month.
Out of 17 industrial subsectors, 11 recorded progress, led by Printing & Associated Assist Actions (59.4 factors), whereas 6 subsectors confirmed slight contractions, with Nonmetallic Mineral Merchandise being the weakest at 40.7 factors.
Key indicators throughout the sector confirmed:
- Output: 51.6
- Employment: 51.9 factors
- The Uncooked Supplies Stock: 51.1 factors
- Suppliers’ Supply Time: 54.6 factors
Though New Orders (49.4 factors) contracted barely, general exercise remained optimistic, reflecting higher manufacturing output and labor engagement.
Printing & Associated Assist Actions recorded the strongest growth of 59.4 index factors among the many subsectors, whereas Nonmetallic Mineral Merchandise posted probably the most pronounced contraction of 40.7 factors throughout the assessment interval.
Companies Sector PMI
The Companies Sector maintained its stable progress streak for the eighth consecutive month, posting 54.7 factors in September.
All key indicators expanded: Enterprise Actions (56.3), New Orders (55.1), Employment (54.1), and Inventories (53.2), all displaying constant demand and employment progress within the sector.
Out of 14 subsectors, 12 recorded expansions, led by Instructional Companies (65.8 factors), whereas Skilled, Scientific & Technical Companies noticed a light contraction at 45.6 factors.
Agriculture Sector PMI
The Agriculture Sector PMI rose to 54.8 factors, marking its fourteenth consecutive month of growth and sustaining its place because the strongest-performing sector.
Progress was broad-based, with all 5 subsectors increasing. Key sub-indices had been:
- Basic Farming Actions: 55.4 factors
- New Orders: 55.9 factors
- Employment: 53.4 factors
- Uncooked Supplies Stock: 54.5 factors
The Forestry subsector led the positive factors, posting a outstanding 73.6 factors, highlighting sustained agricultural energy and its contribution to nationwide output.
Worth developments: enter and output indices
Throughout all sectors, enter costs remained greater than output costs, reflecting persistent value pressures confronted by companies.
- Composite
Enter Worth Indices: 64.2 factors
Output Worth Indices: 59.9 factors- Trade
Enter Worth Indices: 63.1 factors
Output Worth Indices: 58.3 factors- Companies
Enter Worth Indices: 62.9 factors
Output Worth Indices: 60.7 factors- Agriculture
Enter Worth Indices: 68.4points
Output Worth Indices: 60.2 factors
The Agriculture Sector recorded the very best enter prices, whereas the Companies sector posted the very best output costs for the month. Conversely, the Companies sector had the bottom enter value strain, and the Trade Sector had the bottom output costs in September.
Why it issues
The PMI is a key indicator of financial well being, as readings above 50 signify growth. Nigeria’s 54.0 studying in September signifies continued enchancment in output, new orders, and employment.
This sustained growth is a optimistic signal for buyers and policymakers, pointing to rising enterprise confidence, improved provide chain effectivity, and a secure macroeconomic atmosphere because the nation heads into the ultimate quarter of 2025.
With robust performances throughout agriculture, companies, and industrial actions, Nigeria’s financial outlook stays upbeat, signaling that the nation’s post-tightening restoration momentum is gaining floor.
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