Nigeria’s private sector is on the rise, with the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) hitting 52.3 in March 2025, up from 51.4 in February. This marks the third consecutive month of growth in business activity and new orders, fueled by increasing customer demand and a commitment to new projects across various sectors.
The CBN report reveals broad-based growth, with key sectors—Industry, Services, and Agriculture—showing positive momentum. The Industry and Services sectors each recorded a PMI of 51.5, while Agriculture led the charge with a robust 54.7, indicating the strongest growth among them.
The report also highlights encouraging sub-indices: the Output Index reached 52.8, signaling heightened production levels; the New Orders Index climbed to 52.2, reflecting rising demand; and the Employment Index registered at 51.7, suggesting a consistent increase in job creation.
Of the 36 subsectors analyzed, 24 reported growth, with Forestry emerging as the fastest-growing, while 12 experienced contraction, notably the Nonmetallic Mineral Products sector.
Despite varying cost pressures—highest in Industry and Services—the PMI reading of 52.3 reinforces a growing sense of resilience and optimism within Nigeria’s private sector. Businesses are not only responding to increased demand but are also preparing for future growth opportunities. The sustained PMI expansion indicates a gradual economic recovery, bolstered by improved demand, business investments, and job growth, though inflationary pressures remain a concern.
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