Business
Nigeria Records Boost In Manufacturing Sector …As PMI Hits 57.1 Index Points
The Central Bank of Nigeria (CBN) says the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.
The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website.
The report said the index grew at a slower rate when compared to 58.5 index points recorded in February.
According to the report, 13 out of the 14 sub-sectors assessed reported growth in the month reviewed in petroleum and coal products, electrical equipment, transportation equipment; plastics and rubber products, food, beverage and tobacco products.
The other sectors, the report said, include textile, apparel, leather and footwear, nonmetallic mineral products, chemical and pharmaceutical products, furniture and related products, printing and related support activities, cement, fabricated metal products, and paper products.
The report, however, said the primary metal sub-sector declined in the period reviewed.
It said at 57.5 points, the production level index for the manufacturing sector grew for the 24 consecutive month in February 2019.
The report said the index indicated a slower growth in the month under review when compared to its level in the preceding month.
It said nine of the 14 manufacturing sub-sectors recorded increased production level, three remained unchanged while two recorded decline.
The report further said that the manufacturing supplier delivery time index stood at 58.2 points in the period under review, indicating slower supplier delivery time.
According to the report, the index has recorded growth for 21 consecutive months.
It said all 14 sub-sectors recorded improved suppliers’ delivery time in the review period.
The report also said the employment level index for February stood at 56.3 points, indicating growth in employment level for the 22 consecutive months.
Out of the 14 sub-sectors, the report said eight reported increased employment level, five reported unchanged employment level, while one reported decreased employment in the period under review.
The PMI is an indicator of business activity in both the manufacturing and services sectors.
It is a survey-based measure that seeks to know about changes in some key business variables from the previous month.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.