Nigeria’s economy continued to gather pace in November 2025 as the Purchasing Managers’ Index (PMI) rose to 56.4, up from 55.4 in October, according to new data from the Central Bank of Nigeria (CBN). The latest reading marks the twelfth straight month of expansion, reinforcing a sense of cautious optimism across boardrooms, factory floors and markets nationwide.
The PMI is derived from monthly surveys of purchasing and supply-chain managers, which acts as an early pulse check on the economy. Readings above 50, signal that businesses are expanding. In practice, this means managers are seeing more new orders, increasing output, hiring staff and receiving supplies faster than before. A combination that often shows up in improved economic activity before GDP figures are released.
A slow return of confidence from the human and social dimensions: apart from the numbers, the upward trend is beginning to reflect in people’s daily economic experiences. Businesses in manufacturing and services report a gradual improving customer demand, helped by a slight easing of supply bottlenecks and more stable foreign-exchange conditions. As for workers, the expansion in the employment index (54.4), suggests more firms are taking on staff, a sign that job opportunities may be inching upward after months of cost pressures.
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