Nigeria’s private sector activity continued to rise in March 2025, with the Central Bank of Nigeria’s Purchasing Managers’ Index rising to 52.3 index points, up from 51.4 in February 2025.
The CBN’s latest PMI data signals the third consecutive month of expansion in business activity and new orders, buoyed by improving customer demand and increased commitment to new projects across industries.
The apex bank’s study states that the continuous expansion was wide-ranging and included the main industries of industry, services, and agriculture, demonstrating the Nigerian economy’s increasing resilience and business confidence.
“The composite PMI for March 2025, at 52.3 index points, indicates expansion in economic activities for the third consecutive month,” the CBN said.
The bank noted that the composite PMI reading of 52.3 points reflects continued expansion in economic activity nationwide, with all three key sectors contributing positively.
With a PMI of 51.5 points, the Industry Sector demonstrated consistent growth.
A PMI of 51.5 points was also recorded by the services sector, indicating that it continued on its upward trajectory.
Agriculture led the way with a robust PMI of 54.7 points, the strongest growth among the three.
On the subject of sub-indices, the specifics highlighted encouraging indicators of resilience: Output Index: 52.8 points, showcasing elevated production levels New Orders Index: 52.2 points, pointing to a rise in demand Employment Index: 51.7 points, implying steady job growth throughout various industries
Among the 36 sectors monitored, 24 demonstrated expansion, with Forestry identified as the sector experiencing the most rapid growth.
However, 12 sub sectors saw contraction, with Nonmetallic Mineral Products experiencing the sharpest decline.
Cost challenges differed among sectors: Manufacturing (Greatest rise in input prices), Service sector (Greatest rise in output prices) and Farming (Minimal input and output price hikes, suggesting comparatively stable expenses).
The PMI score of 52.3 underscores increasing resilience and optimism in Nigeria’s private sector, despite persistent economic headwinds.
Businesses are showing strong confidence through continued expansion, job creation, and higher inventory stockpiling.
The steady rise in employment over the past three months suggests firms are not only experiencing greater demand but are also preparing for future growth.
The overall PMI trend points to a gradual but steady economic recovery driven by growing demand, investments, and job creation, even though inflationary pressures in the industry and services sectors may have an effect on margins and consumer prices.
AKK gas pipeline 72% complete, green hydrogen study underway – NNPCL
Also, the Nigerian National Petroleum Company Limited has announced that the Ajaokuta-Kaduna-Kano gas pipeline is 72% complete as of Q1 2025, marking a key milestone in Nigeria’s gas-led energy transition agenda.
Speaking at the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF 2025) in Abuja, NNPCL’s Group Chief Executive Officer, Bayo Ojulari, said the company is advancing several initiatives to drive sustainability and meet the country’s net-zero emissions target by 2060.
“In alignment with Nigeria’s energy transition plan, which seeks to achieve net zero emissions by 2060, NNPC Limited has initiated several gas-led transition programs, including the expansion of our auto gas programme, targeting over 1 million vehicles through 2026, the completion of critical backbone infrastructure such as the AKK pipeline, which is about 72% complete as we speak, first quarter 2025, and also the planned integration of green hydrogen feasibility studies into long-term strategy,” said NNPCL Executive Vice President Upstream, Udobong Ntia, who represented Ojulari.
With 1,500MW of built capacity, including 1,000MW from IPP JV phases one and two, 650MW of firm JV, and 50MW from emergency power plants, he underlined that energy security for Nigeria’s more than 200 million residents is non-negotiable.
Ojulari praised the theme of the lecture “Driving Energy Sustainability Through Technology, Policy, and Supply Chain Excellence” as timely and relevant to the industry’s current trajectory.
Citing the International Energy Agency’s World Energy Outlook, he noted that global energy demand is expected to increase by over 25% through 2040, largely driven by Asia’s industrialization and Africa’s booming population.
He also framed the issue as both a challenge and an opportunity for inclusive energy growth, pointing out that “over 600 million people in Africa remain without access to electricity.”
Chairman of the SPE Nigeria Council, Amina Dalnmadami, speaking virtually, highlighted that OLEF has remained a pillar of innovation and dialogue in Nigeria’s oil and gas sector since 1991.
She said it commemorates the first oil discovery in Oloibiri, Bayelsa State, and continues to shape conversations across government, academia, and industry.
While acknowledging the global shift toward renewables, Dalnmadami stressed that oil and gas “will remain central to Nigeria’s economic stability, energy security, and industrial growth for decades to come.”
“The path to sustainability in our context is not one of displacement, but one of optimization leveraging technology to drive efficiency, tightening our supply chains, and creating enabling policies to enhance sector resilience,” she added.
Executive Secretary of the Petroleum Technology Development Fund, Ahmed Galadima Aminu, reaffirmed the Fund’s consistent support for OLEF since 2015.
He said the event is a strategic platform for energy dialogue, innovation, and capacity building that aligns with Nigeria’s future energy aspirations.
Meanwhile, Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, represented by Commissioner Enorense Amadasu, revealed ongoing efforts under the Project 1 Million Barrels Incrementer Initiative, aimed at increasing oil production by one million barrels per day by 2026.
He also disclosed progress in the 2024 licensing round, with 70 offshore blocks awarded, and plans underway for the 2025 bid round to support Nigeria’s goal of producing 4 million barrels of oil and 220 trillion cubic feet of gas.
Additionally, he noted that over 10 Petroleum Processing License awardees are now in production.
Former Petroleum Minister, Don Etiebet, warned against awarding licenses to companies lacking drilling capacity and cautioned against turning succession in indigenous oil firms into family-run affairs.
