Nigeria’s economy expanded for the eleventh consecutive month as the Central Bank of Nigeria Purchasing Managers’ Index rose to 55.4 index points in October 2025 from 54 index points recorded in the previous month.

The CBN report indicated that the sectors leading this expansion included industry, services, and agriculture.

The report stated: “The composite PMI stood at 55.4 index points in October 2025, compared with 54.0 index points in September 2025, indicating a stronger and broad-based expansion in aggregate economic activity.”

“This marks the eleventh consecutive month of expansion.”

Delving into the sectors, the report indicated that “In October 2025, the industry sector PMI stood at 54.2 index points, reflecting an expansionary trajectory.”

Further analysis within the industrial sector showed that “9 of the 17 subsectors surveyed reported growth in industrial activity, indicating a stronger and broad-based expansion in aggregate economic activity.”

The Service Sector also demonstrated robust performance, as “The Service Sector PMI, at 55.6 points in October 2025, indicated sustained expansion for the ninth consecutive month.”

This expansion was broad-based, with “Eleven (11) of the fourteen (14) subsectors surveyed recorded growth in business activity, underscoring the broad-based nature of the sector’s performance.”

The Agriculture Sector recorded the longest streak of growth, with the report noting: “At 55.7 index points in October 2025, the Agriculture Sector recorded expansion for the fifteenth consecutive month.”

All subsectors within agriculture saw growth, as “All the five (5) subsectors recorded growth in agricultural activities.”

The report also highlighted pricing gaps, stating: “The Agriculture sector recorded the widest gap between input and output prices at 8.4 index points in October 2025.” Conversely, “the Services Sector recorded the narrowest gap at 0.6 index points.”

A further breakdown across the 36 subsectors in Industry, Services, and Agriculture revealed that twenty-five subsectors reported an expansion in economic activity during the review month, with the Educational Services subsector showing the strongest growth.

The CBN added that “Only eleven (11) subsectors recorded mild contractions in economic activities, with Petroleum & Coal Products reporting the highest decline.”

Despite the contractions, the overall positive impact was maintained: “However, the overall impact was insignificant to offset the broad-based expansion observed across the other subsectors.”