“Nigeria’s Economy Expands in August Despite Industrial Slowdown — CBN PMI Report”

Industrial activities in Nigeria slowed down in August 2025, as the Central Bank of Nigeria (CBN) reported a contraction in the sector with an index of 49.1 points. The decline followed weak performance in 10 out of 17 subsectors surveyed, according to the bank’s latest Purchasing Managers’ Index (PMI) report.

The CBN noted that output, new orders, and employment all declined, recording 49.6, 47.2, and 48.9 points, respectively. Stocks of raw materials also shrank at 48.9 points, while suppliers’ delivery time improved, posting a faster rate at 52.4 points.

Transportation equipment topped the list of expanding subsectors, while paper products recorded the sharpest contraction.

In contrast, both the services and agriculture sectors recorded sustained growth. The service sector index rose to 51.9 points, expanding for the seventh consecutive month, with 10 of 14 subsectors showing improvement. Agriculture outperformed, hitting 53.9 points, its 13th straight month of expansion, with all five subsectors recording growth.

Overall, Nigeria’s composite PMI stood at 51.7 points, signaling the ninth consecutive month of economic expansion, buoyed by resilience in services and agriculture despite industrial weakness.

The CBN highlighted that the services and agriculture sectors remain the main drivers of growth, underpinning a positive outlook for the third quarter of 2025.