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.

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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.

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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.

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