Nigeria’s economic momentum continued its upward trajectory in January 2025, marking the second consecutive month of expansion, as indicated by the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN).
The PMI stood at 50.2 points, signaling sustained business activity, bolstered by growth in key sectors such as industry and agriculture, even as the services sector lagged behind.
A deeper analysis of the PMI data revealed that composite output, new orders, and employment levels all reflected positive trends, standing at 50.9, 50.2, and 50.2 index points, respectively.
However, challenges persisted in supply chain dynamics, with the composite stock of raw materials declining to 49.8 points and suppliers’ delivery time further slowing to 49.6 points.
Of the 36 sub-sectors surveyed across industry, services and agriculture, 17 recorded expansion, with transportation equipment leading the pack in growth.
Conversely, another 17 sub-sectors experienced contraction, with forestry posting the most significant decline, while two sub-sectors remained unchanged.
