Nigeria's economic recovery gained momentum in March 2025 as the Central Bank of Nigeria (CBN) reported an improvement in the Purchasing Managers' Index (PMI), which rose to 52.3 points—marking the third consecutive month of expansion.
The latest reading, up from 51.4 in February, reflects increasing business confidence across key sectors. While Stanbic IBTC reported a slightly higher PMI of 54.3 for the same month, both indicators suggest a positive trajectory for the economy.
According to the CBN, all major sectors—industry, services, and agriculture—recorded growth, with agriculture leading the way at 54.7 points. Industry and services both posted 51.5 points.
The bank noted that 24 out of 36 sub-sectors reported growth, with forestry emerging as the fastest-growing area. Non-metallic mineral products recorded the sharpest contraction among the 12 sub-sectors that declined.
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Sub-indices also showed encouraging trends. The output index rose to 52.8, and the new orders index climbed to 52.2, indicating stronger production levels and rising demand. Employment also ticked upward, with the index reaching 51.7 points.
Analysts say the sustained PMI gains highlight a resilient private sector, gradually responding to improving demand and investment conditions.
"The latest PMI reading reinforces a growing sense of resilience and optimism within Nigeria's private sector," analysts said. "Steady expansion, increased hiring, and rising inventories suggest businesses are preparing for long-term growth."
However, they warned that inflationary pressures—particularly in industry and services—could still weigh on consumer purchasing power and business margins if not contained.
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