Nigeria’s economic activity expanded for the 12th straight month in November, buoyed by broad-based growth across industry, services and agriculture, the Central Bank of Nigeria said on Friday.
The Purchasing Managers’ Index rose to 56.4 points from 55.4 in October, with 29 of the 36 subsectors surveyed reporting expansion — the strongest overall reading so far this year.
The water supply, sewage and waste management subsector posted the fastest growth, while paper products recorded the sharpest contraction among the seven subsectors that shrank. The declines, however, were not enough to offset the wider expansion.
Industry grew at 54.2 index points, services at 56.8 and agriculture at 58.2, the CBN said. Ten of the 17 industrial subsectors expanded, while all 14 subsectors in services recorded growth for the 10th consecutive month.
Agriculture, which has now grown for 16 straight months, also posted the widest gap between input and output prices at 7.2 index points, compared with 2.7 points in the services sector.
The latest PMI reading signals sustained momentum in Africa’s largest economy as it continues its gradual recovery.
