Nigeria’s Economy Sustains Growth Momentum in March 2025 — CBN PMI Report
The Nigerian economy continued its upward trajectory in March 2025, according to the Central Bank of Nigeria (CBN), which released its latest Composite Purchasing Managers’ Index (PMI). The report showed a PMI reading of 52.3 points, marking the third consecutive month of expansion and signaling sustained economic resilience across key sectors.
The agriculture sector emerged as the standout performer in March, posting a robust PMI of 54.7 points, and extending its growth streak to eight consecutive months. The sector recorded significant improvements across core indicators:
- New Orders: 55.6 points
- Inventories: 55.3 points
- Farming Activities: 54.8 points
- Employment: 53.0 points
The forestry subsector was noted as the primary driver behind agriculture’s solid performance.
The services sector also experienced steady growth, with business activity recorded at 51.8 points. Of the 14 subsectors analyzed, 10 reported expansion, led by finance and insurance, while transportation and warehousing faced slight contractions.
- New Orders: 51.7 points
- Employment: 51.6 points
This suggests continued momentum in service delivery despite sectoral disparities.
Industrial activities remained on a positive path, posting a stable PMI of 51.5 points. However, performance within the sector was uneven, as 12 out of 14 subsectors experienced contraction. The non-metallic mineral products subsector was identified as the most severely impacted. Despite these declines, overall industrial output remained in growth territory.
The CBN survey revealed that 24 out of 36 subsectors reported expansion, while 12 declined and two plastics & rubber products and accommodation & food services remained unchanged from the previous month.
Other key indicators also showed encouraging trends:
- Composite Output Index: 52.8 points
- New Orders Index: 52.2 points
- Employment Index: 51.7 points
- Supplier Delivery Times: Improved to 53.1 points, suggesting easing supply chain constraints
According to the CBN, the March PMI figures reinforce Nigeria’s ongoing economic recovery, with broad-based expansion and improving labor market conditions. The Bank remains optimistic that the positive momentum will continue into the second quarter of the year, driven largely by agricultural productivity, stable service delivery, and targeted industrial interventions.
