Nigeria’s economic momentum improved further in November with new data from the Central Bank of Nigeria (CBN) indicating another month of expansion across key sectors.
The latest Purchasing Managers’ Index (PMI) maintained an expansionary trend for the 12th consecutive month, reflecting consistent improvements in production volumes, business orders, and sectoral output.
The composite PMI rose to 56.4 points in November from 55.4 points in October, signalling stronger activity levels and renewed optimism across the private sector.
Readings above the 50-point threshold indicate expansion, while figures below reflect contraction.
According to the CBN, growth was supported by solid performances in the services, agriculture, and industrial segments.
The services sector recorded the broadest expansion as all subsectors surveyed remained above the 50-point line. Agriculture also sustained its upward trajectory, with improved activity across its value chain.
The industrial sector recorded moderate expansion, supported by increased supplier deliveries and improved factory output, despite weaker results in a small group of manufacturing subsectors.
In total, 29 out of 36 subsectors reported expansion during the month, underscoring the depth of the current growth cycle and indicating that activity improvements are not isolated to a single segment of the economy.
The performance of the agriculture sector remained a major anchor for overall growth, extending its expansion streak and maintaining strong readings across food production and raw material supply.
Services also showed resilience, driven by increased demand, higher business volume, and improved operating conditions.
While seven subsectors recorded mild contractions, the broader index shows that business conditions remain favourable.
The CBN report indicates that new orders, output levels, and employment conditions strengthened further during the period, suggesting that firms remain confident despite cost pressures and challenging macroeconomic conditions.
The sustained expansion reflects steady improvements in domestic demand and gradual stability across key supply lines. It also points to stronger resilience among Nigerian businesses navigating inflationary pressures, foreign-exchange volatility, and structural bottlenecks.
With November’s performance, Nigeria has now completed one full year of uninterrupted PMI expansion. This trend provides a positive backdrop for policy implementation, investment planning, and year-end economic projections.
However, the sustainability of this momentum will depend on macroeconomic stability, improved access to foreign exchange, and continued policy support aimed at easing business operating costs.
The CBN’s upcoming monetary policy direction will be critical as the regulator balances the need for price stability with the need to sustain improving business conditions.
Investors will continue to monitor PMI trends as an early signal of output strength and sectoral performance ahead of final GDP calculations.