Nigeria’s economy continued to gather pace in November 2025 as the Purchasing Managers’ Index (PMI) rose to 56.4, up from 55.4 in October, according to new data from the Central Bank of Nigeria (CBN). The latest reading marks the twelfth straight month of expansion, reinforcing a sense of cautious optimism across boardrooms, factory floors and markets nationwide.
The PMI is derived from monthly surveys of purchasing and supply-chain managers, which acts as an early pulse check on the economy. Readings above 50, signal that businesses are expanding. In practice, this means managers are seeing more new orders, increasing output, hiring staff and receiving supplies faster than before. A combination that often shows up in improved economic activity before GDP figures are released.
A slow return of confidence from the human and social dimensions: apart from the numbers, the upward trend is beginning to reflect in people’s daily economic experiences. Businesses in manufacturing and services report a gradual improving customer demand, helped by a slight easing of supply bottlenecks and more stable foreign-exchange conditions. As for workers, the expansion in the employment index (54.4), suggests more firms are taking on staff, a sign that job opportunities may be inching upward after months of cost pressures.
In rural communities, the Agriculture sector’s sixteenth consecutive month of expansion is particularly significant. More active farming seasons and better movement of goods are giving smallholder farmers a productivity boost. Improved supplier delivery times are now at 55.6 points. Meaning, inputs like fertilizer, packaging and basic farming tools are arriving more reliably, helping farmers plan better and reduce losses.
With respect to households, these trends can translate into slightly steadier prices and improved product availability, though high inflation remains a barrier to widespread relief.
Sectoral momentum and what it says about the economy. All major sectors such as industry, services, and agriculture, expanded in November. Pointing to a broad-based recovery rather than growth concentrated in a few pockets. Of the 36 subsectors monitored, 29 recorded expansion, with water supply, sewage/waste management showing the strongest improvement.
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