CBN: Agriculture, service subsectors recorded growth in November

The Central Bank of Nigeria (CBN) says all agriculture and service subsectors recorded growth in November.

CBN, in its purchasing managers’ index (PMI) report, said the composite PMI stood at 56.4 index points in November, compared with 55.4 index points in October.

According to the apex bank, the figure indicates a stronger and broad-based expansion in aggregate economic activity, and marks the twelfth consecutive month of expansion.

Overall, the CBN said the November PMI data indicated a continued expansion in economic activities across all sectors, surpassing all earlier indices in the year.

“The composite PMI, alongside its three major sectoral indices-Industry, Services, and Agriculture-recorded expansions, collectively signaling improvement in economic activity,” the report said.

“The expansions recorded across the three sectors provide strong evidence of a robust and sustainable growth momentum, underpinning a positive economic outlook in Q4 2025.”

’SEVEN INDUSTRIAL SUBSECTORS RECORDED MILD CONTRACTIONS’

The regulator said the industry sector PMI stood at 54.2 points in November, indicating sustained expansion in industrial activity.

CBN said the improvement reflects a notable strengthening of industrial performance during the review period.

“In November 2025, the Output, New Orders, and Employment indices posted expansion at 57.1, 54.4 and 51.6 points, respectively, reflecting improvements in production activity and labour engagement within the sector during the review period,” the apex bank said.

“The Raw Materials Inventory index, at 49.7 points, recorded a contraction in November 2025, indicating faster draw down of existing Inventory for an expanded production during the review period.

“Similarly, the Suppliers’ Delivery Time index stood at 55.6 points in November 2025, indicating improved efficiency in supply chain performance. This improvement is driven mainly by the Petroleum & Coal Products subsector.”

The report said out of the 17 subsectors surveyed within the industry sector, 10 recorded expansions, while the remaining 7 subsectors reported mild contractions.

However, the CBN said contractions were marginal and did not offset the overall positive performance of the sector, which maintained an expansionary trajectory.

“Water Supply, Sewerage & Waste Management recorded the strongest expansion among the subsectors, while Paper Products posted the most pronounced contraction during the review period,” the CBN said.

SERVICE SECTOR RECORDED 10TH MONTH OF GROWTH

Also, the apex bank said the services sector index, at 56.8 points in November, indicated continued expansion in services-related activities for the tenth consecutive month.

According to the report, the business activities (output), new orders, employment and inventories indices at 59.2, 56.6, 55.3 and 55.8 points, respectively, all indicating expansion in the review month.

“All the 14 sub-sectors covered in the survey recorded expansion,” the report added.

“Educational services subsector achieved the highest expansion, while Professional, scientific, & technical services recorded the lowest expansion.”

Furthermore, CBN said the agriculture sector index, at 58.2 points, indicated an overall expansion in November.

The regulator said the sector’s PMI in the review month marks its 16th consecutive month of expansion — the strongest among the three composite sectors thereby reaffirming its leading role in overall economic activity.

“In the review month, the General Farming Activities, New Orders, Employment, and Raw Materials Inventory sub-indices recorded expansion at 61.4, 59.5, 55.6, and 56.3 index points, respectively, reflecting sustained growth momentum in the agriculture sector,” the CBN said.

The report added that all five subsectors within the agriculture sector recorded expansions in the review month, with forestry posting the strongest growth.