Business & Economy
Nigeria’s Economy Expands for Second Consecutive Month, Reports CBN PMI
- Industry sector growth increased from a stationary position in December 2024 to an expansionary level of 51.3 in January 2025, as reported by the CBN.
- New orders and stock of raw materials experienced declines, both settling at 49.6 points. Suppliers’ delivery time index slowed to 49.6 index points.
The Nigerian economy has achieved growth in activities for the second month in a row, according to the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) report.
Eko Hot Blog gathered that the PMI settled at 50.2 index points in January 2025, revealing expansion across various sectors.
EDITOR’S PICK
- Canadian Tourist Loses Both Hands in Shark Attack While Taking Photos
- Outrage as Woman Pours Hot Water on Friend’s Teen Daughter in Kano
- Health Workers Suspended for Refusing to Attend to Pregnant Woman Who Had Stillbirth
Industry sector growth increased from a stationary position in December 2024 to an expansionary level of 51.3 in January 2025, as reported by the CBN.
Although the service sector experienced a contraction of 48.6, the agriculture sector recorded an expansion of 52.5 for the sixth consecutive month.
Among the 17 sub-sectors surveyed, 10 recorded expansions, with the transportation equipment sub-sector leading in growth.
On the other hand, 6 sub-sectors indicated contraction, with non-metallic mineral products recording the highest decline.
In January 2025, the industry sector index indicated expansion in industrial activities, with output and employment growth at 54.0 and 52.4 index points, respectively.
New orders and stock of raw materials experienced declines, both settling at 49.6 points. Suppliers’ delivery time index slowed to 49.6 index points.
Out of the 14 surveyed sub-sectors in the services sector, 3 recorded expansions, with motion pictures, cinema, sound recording, and music production leading in growth.
Meanwhile, 10 sub-sectors indicated contraction, with transportation and warehousing registering the highest decline. One sub-sector, management of companies, remained stationary.
The services sector experienced a contraction in activities during January 2025, with the index settling at 48.6 points.
Key indicators such as business activities, new orders, stock of raw materials, and employment all witnessed declines, with indices standing at 48.8, 48.6, 48.6, and 48.4 points, respectively.
On the other hand, the agriculture sector demonstrated expansion in January 2025, with an index of 52.5 points.
Out of the five surveyed sub-sectors, four recorded expansions, while one indicated contraction.
The crop production sub-sector experienced the most significant expansion, while forestry recorded a contraction during the review period.
FURTHER READING
- Fire Guts INEC Office in Sokoto, Destroys Vital Electoral Materials
- ‘I Love How You Let Me Be Me’ – 2Baba’s Baby Mama, Sunmbo
These insights from the PMI report shed light on the varying performance across sectors within the Nigerian economy, providing valuable data for policymakers and investors to make informed decisions and strategies.
Click here to watch video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at ekohotblog@gmail.com. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
