FRI SEPT 05 2025-theGBJournal| Nigeria’s Composite PMI strengthened to 52.7 points in July (June: 52.3 points), extending its expansionary run to eight consecutive months and signaling resilience in private-sector activity, according to latest data published by the Central Bank of Nigeria (CBN).
The upturn was largely anchored by the services sector, where the PMI surged to a nineteen-month high of 52.8 points (June: 51.3 points), underpinned by improved business activity and stronger new orders—particularly in Finance & Insurance, Education, and ICT sub-sectors.
Conversely, momentum in the industrial sector softened modestly (51.1 points vs. 51.4 points in June), as easing consumer demand weighed on new orders, even as output and employment indicators held firm.
Meanwhile, agriculture activity remained in expansionary territory for the 12th consecutive month, though the PMI eased to 53.9 points (June: 55.2 points), reflecting the seasonal slowdown in farming and inventory build-up at the peak of the lean season.
Nigeria’s composite PMI is expected to remain in expansionary territory, supported by improving macroeconomic conditions, particularly naira stability and moderating inflation, alongside resilience in services.
That said, seasonal headwinds in agriculture, soft consumer demand, and persistently tight financial conditions could temper momentum in the near term, pending a shift toward a more accommodative monetary stance.
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