CBN: Economy Expands for 8th Straight Month in July at 52.7 PMI

The Central Bank of Nigeria (CBN) says economic activities grew for the eighth month in a row, with the July 2025 Purchasing Managers’ Index hitting 52.7 points.

26 of 36 Subsectors Record Growth

Out of 36 subsectors surveyed, 26 expanded, led by Transportation Equipment, while Paper Products saw the steepest decline.

Industry, Services, Agriculture Sustain Expansion

• Industry: grew for the 8th month at 51.1 points.
• Services: expanded for the 6th month at 52.8 points.
• Agriculture: maintained 12 months of uninterrupted growth at 53.9 points.

Inflation Outlook Improves

CBN’s Inflation Survey shows fewer Nigerians now perceive inflation as high — 66.2% in July, down from 71% in June. Household perception also dropped to 63.4% from 69.5%.