The Central Bank of Nigeria (CBN) has reported that the country’s economic activities expanded for the eighth consecutive month in July 2025, with the Purchasing Managers Index (PMI) climbing to 52.7 index points.
This is contained in the CBN’s PMI Survey Report for July, which evaluates business conditions across 36 subsectors in the industry, services, and agriculture sectors.
According to the report, 26 subsectors experienced growth during the review period, with the Transportation Equipment subsector recording the highest level of expansion. However, 10 subsectors saw a slowdown in activity, with Paper Products experiencing the sharpest decline.
Sectoral Performance Breakdown
- The Industry Sector sustained its growth trend for the eighth month, recording a PMI of 51.1 index points in July.
- The Services Sector maintained its momentum with a PMI of 52.8, marking the sixth consecutive month of growth.
- The Agriculture Sector led the expansion streak, growing for the twelfth month in a row at 53.9 index points.
Inflation Perception Eases Among Nigerians
Meanwhile, findings from the CBN’s Inflation Survey Report for July show that Nigerians are beginning to feel slightly more optimistic about price stability.
The report reveals a decline in the proportion of Nigerians who perceive inflation as high, dropping from 71% in June to 66.2% in July.
According to the Central Bank, this shift in sentiment was largely influenced by household respondents, whose perception of high inflation fell from 69.5% in June to 63.4% in July.
The CBN says these developments signal growing confidence in the economy and the effectiveness of ongoing policy measures aimed at stabilizing prices and stimulating growth across key sectors.
About the Author
