The Central Bank of Nigeria (CBN) has reported that Nigeria’s economic activities continued their upward trajectory for the second consecutive month, signalling gradual recovery and renewed optimism among businesses.
In its latest Economic Report, the apex bank noted that the Purchasing Managers Index (PMI) showed a sustained expansion in both the manufacturing and non-manufacturing sectors, driven largely by rising consumer demand and moderate improvements in supply chains.
According to the CBN, improved production volumes, stable raw material supply, and positive business sentiments contributed to the growth pattern recorded in March 2025. The bank said its monetary interventions and tightening policies were beginning to yield results, stabilising prices and stimulating output.
CBN also highlighted that the growth reflects increased activities in key sectors such as food production, cement, construction, trade, telecommunications, and services — sectors that are vital for Nigeria’s GDP performance.
A statement from the Monetary Policy Department noted that the economy’s positive direction is a product of sustained reforms and private sector participation. However, the bank cautioned that inflationary pressures and exchange rate volatility still pose downside risks.
Economists believe the CBN’s report provides much-needed reassurance to investors and stakeholders amid ongoing macroeconomic challenges. Some have called on the government to complement the central bank’s efforts with more fiscal stimulus, targeted spending, and infrastructure investment.
While optimism is growing, analysts also urged caution, noting that sustained growth requires long-term structural reforms, ease of doing business, and stable policy frameworks to drive real sector expansion.
The CBN’s report is seen as a confidence booster for Nigeria’s economy, especially coming at a time when the country is navigating complex domestic and global economic dynamics.
