Nigeria’s private sector growth strengthens in March as PMI rises to 52.3
The Purchasing Managers’ Index (PMI) released by Central Bank of Nigeria CBN recorded upward growth, rising to 52.3 index points in March, up from 51.4 recorded in February 2025.
The CBN recent PMI data showed a third consecutive month of expansion in business activity and new orders, driven by improving customer demand and increased commitment to new projects across sectors.
According to the apex bank report the sustained growth in economic activity was broad-based, with key sectors—Industry, Services, and Agriculture—all recording positive momentum.
This reflects growing business confidence and resilience within the Nigerian economy.
The composite PMI for the month of March 2025 which stood at 52.3 index points, is an indication that the nation’s economic activities expanded for the third consecutive month.
This growth is broad-based, with all three major sectors—Industry, Services, and Agriculture—recording positive performance during the month, the apex bank noted.
The report noted that the Industry Sector posted a PMI of 51.5 points, indicating steady expansion in industrial activities.
The Services Sector reported a PMI of 51.5 points and its contribution to the overall composite score implies it maintained a path of growth, the report stated.
The Agriculture Sector led the index with a robust PMI of 54.7 points, representing the strongest growth among the three sectors.
In addition to sectoral performance, key sub-indices also showed signs of resilience and expansion. The report stated that the Output Index stood at 52.8 points, reflecting increased production levels. The New Orders Index recorded 52.2 points, pointing to a rise in demand and business orders. Meanwhile, the Employment Index posted 51.7 points, suggesting a moderate but consistent improvement in job creation across sectors.
Out of 36 subsectors tracked during the month, 24 reported growths in economic activities, with Forestry leading as the fastest-growing subsector. Meanwhile, 12 subsectors contracted, with non-metallic mineral products recording the steepest decline.
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