The Central Bank of Nigeria (CBN) has reported a slowdown in industrial activities in August 2025, even as the wider economy maintained its growth momentum, buoyed by strong performances in the agriculture and services sectors.
According to the CBN’s Purchasing Managers’ Index (PMI) Report released today, the industrial sector index fell to 49.1 points, signaling contraction following declines in 10 out of 17 surveyed subsectors.
“Output, new orders and employment declined at 49.6, 47.2 and 48.9 index points, respectively. Similarly, the stock of raw materials contracted at 48.9 points,” the report stated.
Despite the overall industrial slowdown, the transportation equipment subsector posted the highest expansion, while paper products recorded the steepest contraction. The only bright spot in the industry was faster suppliers’ delivery times, which improved to 52.4 points.
On the positive side, the services sector sustained growth for the seventh straight month at 51.9 points, with 10 out of 14 subsectors expanding. Meanwhile, the agriculture sector recorded robust expansion for the 13th consecutive month at 53.9 points, with all five subsectors showing growth.
This resilience in services and agriculture lifted the composite PMI to 51.7 points, marking the ninth consecutive month of overall economic expansion. Out of the 36 subsectors covered in the survey, 22 recorded growth.
The report also noted a pricing challenge in the industry, with the sector recording the widest input-output price gap at 7.4 points, compared to 3.7 points in services.
“The continued expansion in services and agriculture underpins a favourable outlook for the third quarter of 2025,” the CBN stated.
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