Economic activities expanded by 52.2 index points, representing the 5th consecutive month growth in April 2025, with the agricultural sector leading.
The Central Bank of Nigeria, CBN, disclosed this in its Purchasing Managers Index, PMI, report for April, noting that the agricultural sector recorded the highest expansion with 53.8 index points, representing ninth consecutive monthly growth during the period. The growth was driven by increases in new orders.
The apex bank noted that the sustained expansion across all major sectors provide a positive outlook for the second quarter of 2025.
CBN stated: “The composite PMI for April 2025, at 52.2 index points, indicates expansion in economic activities for the fifth consecutive month, signaling sustained positive momentum in the Nigerian economy.
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“The Industry Sector recorded expansion for the fourth consecutive month in April 2025, largely driven by increased outputs of the sector.
“The Services Sector index indicated expansion in the review month. This expansion is attributable to increases in the level of incoming businesses.
“Agriculture Sector recorded expansion for the ninth consecutive month in April 2025. The main driver of the expansion was an increase in new orders.
“A further breakdown of the 36 subsectors across the Industry, Services and Agriculture Sectors showed that: Twenty-two (22) subsectors reported growth in economic activities with Transportation Equipment reporting the highest growth during the review month.
“Fourteen (14) sub-sectors recorded decline in economic activities with Paper Product reporting the highest decline.
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“At 53.2, 53.2, and 50.7 points, the composite Output, New Orders and Employment indices, respectively. recorded growth in the month under review.
The apex bank noted that despite the expansion in economic activities, businesses appear to be facing margin pressure as input costs outpace output prices.
