Nigeria records faster economic expansion as PMI reaches 57.6 in December

Nigeria’s economic activity expanded at a faster pace in December 2025, marking a sharp improvement in business conditions as the Composite Purchasing Managers’ Index (PMI) climbed to 57.6 points, its strongest level in about five years, signalling broad-based growth across the economy as the year ended.

The December 2025 PMI Survey released by the Central Bank of Nigeria (CBN) showed that the composite index remained firmly above the 50-point benchmark that separates expansion from contraction, reflecting sustained momentum in domestic economic activity. The reading points to strengthening output, demand, and employment conditions, underlining a faster pace of economic expansion compared with preceding months.

The report showed that growth was driven by continued expansion across major employment-generating sectors. Agriculture remained the strongest performer, posting a PMI reading of 58.5 points, underscoring resilient farm output and related activities. Industrial activity also strengthened, with the PMI rising to 57.0 points, supported by improved production levels and supply conditions. The services sector remained in expansionary territory at 51.9 points, indicating steady growth in business and consumer-facing activities during the month.

Read also: Nigeria’s false dawn? Why rising PMI numbers mask a deeper productivity crisis

According to the survey, 32 out of the 36 subsectors tracked recorded expansions in key indicators, including production, new business orders, and employment. The CBN said this performance reflects a steady rebound in domestic demand and improving productive activity, particularly within the non-oil segments of the economy, as firms responded to better order inflows and easing operational constraints.

The apex bank attributed the stronger PMI performance to the positive impact of ongoing macroeconomic stabilisation measures aimed at improving the operating environment for businesses and restoring confidence across the economy. These reforms, the CBN noted, have continued to support job creation, enhance production efficiency, and strengthen optimism among businesses about future economic prospects, especially in the final quarter of 2025.

In a statement signed by Hakama Sidi Ali, acting director of Corporate Communications, the CBN said the December PMI reading reinforces expectations of a stable and improving growth outlook as Nigeria transitions into the new year, with sustained expansion across sectors providing support for broader economic recovery and resilience.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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