SUN OCT 12 2025-theGBJournal| The Purchasing Manager’s Index (PMI) printed above the 50-point threshold for the tenth consecutive month, rising to its highest level in 21 months, indicating sustained expansion of business activities in the economy.
According to CBN, the composite PMI increased to 54.0 points in September (August: 51.7 points), driven by broad-based expansion in aggregate economic activity.
Specifically, the Industry PMI (51.4 points vs August: 49.1 points) returned to an expansionary level after a month of contraction, due to strengthened consumer demand, which supported output, raw materials and employment indicators.
The Services sector PMI (54.7 points vs August: 51.9 points) expanded for the eighth straight month, reflecting resilient sector output, new orders, inventories and employment.
The expansion demonstrates improvements in activities across Educational services, Motion pictures, Cinema, Sound recording & Music production, and Information & Communication sub-sectors.
Elsewhere, the Agriculture sector PMI (54.8 points vs August: 53.9 points) expanded for the 14th consecutive month, reflecting sustained improvement in general farming activities, inventories, new orders and employment level.
Looking ahead, private sector activity is expected to sustain its expansion, supported by improving macroeconomic conditions, including naira stability and easing inflationary pressures.
Furthermore, the recent dovish tilt in monetary policy is likely to gradually ease tight financial conditions, supporting broader economic activity in the near term.
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