• Nigeria’s Purchasing Managers’ Index (PMI) rebounded in December 2024, led by services and agriculture, indicating a return to economic expansion.
• The composite PMI rose to 51.0, surpassing the 50-point threshold that separates expansion from contraction.
• The industry sector remained stagnant, with a PMI of 50.0, despite growth in output and new orders.

Nigeria’s Purchasing Managers’ Index (PMI) has rebounded in December 2024, led by services and agriculture, indicating a return to economic expansion after two consecutive months of contraction. The composite PMI rose to 51.0, surpassing the 50-point threshold that separates expansion from contraction.

According to the Central Bank of Nigeria (CBN) survey, the growth in December was driven by the services sector with a PMI of 52.1 and the agriculture sector with a PMI of 52.7. However, the industry sector remained stagnant, with a PMI of 50.0, despite growth in output and new orders.

A breakdown of the 36 sub-sectors reviewed across the industry, services, and agriculture sectors showed that 21 sub-sectors reported growth during the month of December, with the highest growth recorded in the services sector. Conversely, 15 sub-sectors registered a decline in economic activities, with nonmetallic mineral products reporting the highest decline.

The services sector PMI stood at 52.1 in December 2024, indicating expansion in activity, with business activity, new orders, employment, and stock of raw materials all registering growth. The agriculture sector PMI stood at 52.7, indicating expansion in agricultural activities, with output, new orders, employment, and stock of raw materials all registering growth.