Expansion in economic activities persists as PMI index hits 56.4pts – CBN

The Central Bank of Nigeria, CBN, yesterday, said that the Composite Purchasing Managers’ Index, PMI, rose  to 56.4 points in November, marking the twelfth consecutive month of expansion in economic activity.

According to the PMI report for November released by the apex bank on Monday 29 out of 36 subsectors surveyed expanded during the month reflecting the broadest and most robust growth pattern seen so far this year.

The industry sector maintained its upward trajectory with a PMI reading of 54.2 points, indicating sustained expansion across manufacturing and allied activities. Further breakdown showed that 10 of the 17 industrial subsectors reported growth, underscoring renewed resilience and stronger output levels across the industrial value chain.

Similarly, the services sector posted a PMI of 56.8 points, extending its expansion streak to the tenth consecutive month. Notably, all 14 subsectors surveyed within services recorded growth in business activity, highlighting the sector’s broad-based recovery and the strengthening of consumer-facing and professional service segments.

The agriculture sector continued to outperform other segments with a PMI of 58.2 points, signaling expansion for the sixteenth straight month. All five agricultural subsectors recorded growth, affirming the sector’s central role in supporting national output amid rising demand for food and raw materials.

However, the CBN report indicated notable variations in price pressures across the sectors. Agriculture recorded the widest gap between input and output prices at 7.2 index points, signaling rising cost pressures on farmers. In contrast, the services sector experienced the narrowest gap at 2.7 index points, suggesting more contained price movements.

With all major sectors industry, services, and agriculture firmly in expansion territory, the November PMI underscores strengthening economic fundamentals as Nigeria moves toward the end of the year, driven by widespread growth across key subsectors.