Nigeria Sustains Economic Expansion as PMI Rises to 52.7 Points in July

Nigeria’s Composite Purchasing Managers’ Index (PMI) rose to 52.7 points in July 2025, up from 52.3 points in June, according to data released by the Central Bank of Nigeria (CBN).

This marks the eighth consecutive month of expansion in economic activities.

The industry sector recorded expansion for the eighth consecutive month at 51.1 index points in July, supported by growth in 11 out of 17 subsectors reviewed.

The services sector also showed growth, posting 52.8 index points in July, its sixth consecutive month of expansion. Ten out of 14 subsectors in the sector recorded growth in economic activities.

Meanwhile, the agriculture sector maintained expansion for the twelfth consecutive month, with a PMI of 53.9 points in July.

All five subsectors recorded growth, driven mainly by increased farming activities. The sector also recorded the highest input and output price gap at 8.6 points, while the services sector posted the lowest at 4.8 points.

Out of the 36 subsectors covered in the survey, 26 reported expansion in economic activities, with transportation equipment recording the highest growth. Ten subsectors recorded moderation, with paper products reporting the steepest decline.

The CBN data indicated that the expansion across industry, services, and agriculture reflects continued economic momentum in July 2025.