Nigeria’s Composite Purchasing Manager Index (PMI) expanded in August, despite a contraction in the industrial sector, according to the latest Central Bank of Nigeria (CBN) report.
The composite PMI stood at 51.7 points, signalling overall growth in economic activity for the ninth consecutive month. Services and agriculture drove the expansion, posting 51.9 and 53.9 points respectively.
By contrast, the industrial sector slipped into decline at 49.1 points after 10 of its 17 subsectors contracted. Output, new orders and employment all fell below the 50-point threshold, while raw material stocks also contracted. Transportation equipment recorded the strongest growth, while paper products posted the sharpest decline.
The CBN noted that 22 of 36 subsectors surveyed recorded expansion. It added that continued growth in services and agriculture supports a positive outlook for the third quarter of 2025.