Nigeria’s economic recovery continues to gain traction as the Central Bank of Nigeria (CBN) reports a steady rise in the Purchasing Managers’ Index (PMI), which increased to 52.3 index points in March 2025, up from 51.4 in February. This marks the third consecutive month of economic expansion, reflecting growing business confidence and improved activity across key sectors.
The latest PMI data, though slightly below Stanbic IBTC’s figure of 54.3 for the same period, confirms a sustained upward trend in Nigeria’s economic performance. According to the CBN, growth was broad-based, with the industry, services, and agriculture sectors all showing positive momentum.
Sector-specific highlights include:
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Agriculture leads with a PMI of 54.7, indicating strong performance in agribusiness.
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The industry and services sectors both recorded a PMI of 51.5, signaling stable, ongoing expansion.
“The composite PMI for March 2025, at 52.3 index points, indicates expansion in economic activities for the third consecutive month,” the CBN noted.
Economists view this as a positive indicator of gradual recovery, fueled by policy reforms, FX market interventions, and resilience across productive sectors. Continued growth in PMI suggests Nigeria may be turning a corner toward more sustainable macroeconomic stability.