CSL Nigeria Daily - 10 April 2025

CSL Nigeria Daily - 10 April 2025
(Source: CSL RESEARCH, Date: 10-Apr-2025)

Dear Esteemed Client,

Composite PMI remains in expansion zone for the fourth straight month

The Central Bank of Nigeria (CBN) recently released the Purchasing Managers' Index (PMI) report for March 2025, covering the Industry, Services, and Agriculture sectors. The composite PMI stood at 52.3 points, indicating continued expansion in economic activity. This marks the fourth consecutive month of growth, following PMI readings of 51.3 in December 2024, 50.2 in January 2025, and 51.4 in February 2025. A PMI above 50.0 points typically signifies an increase in business activity, while a reading below that threshold indicates contraction. In terms of sectoral performance, Agriculture continued its growth streak for the eighth consecutive month, posting a PMI of 54.7 points. The Industry sector maintained its momentum with a PMI of 51.5 points, marking its fourth straight month of expansion. Similarly, the Services sector grew to 51.5 points, a slight increase from 51.1 points in February.

Click here to download full report: CSL-Nigeria-Daily-10-April-2025-PMI.pdf"‹

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Media Highlights:

In Major Economic Resurgence, Nigeria Recorded $6.83bn Balance of Payments Surplus in 2024

In major economic comeback, Nigeria recorded a Balance of Payments (BOP) surplus of $6.83 billion in 2024. This marked a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) announced the recovery in a statement issued yesterday by the apex bank's acting Director, Corporate Communications, Mrs. Sidi-Ali Hakama. BOP is a record of all economic transactions between a country's residents and the rest of the world, including trade in goods and services, income flows, and capital transfers, over a specific period. The central bank said the improvement reflected the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in the nation's economy. Read more here"‹

Crude oil price crashes, puts 2025 FG revenue target in jeopardy

The price of Bonny Light, Nigeria's premium oil grade, yesterday, dropped by 5.09 percent to $59.62 per barrel in the global market at the backdrop of the on-going ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America early this week. The oil price was also hit by the decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to increase oil production by 411,000 barrels per day (bpd) in May, 2025. Experts said the development would negatively impact the nation's N54.99 trillion 2025 budget, which is based on oil price of $75 per barrel and 2.06 million barrels per day (bpd). This indicates a massive setback in terms of price and output as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, puts the output, including Condensate at 1,671,953 bpd in February 2025. Read more here"‹

PFAs pump N5.5trn into real sector for high yields

Pension Fund Administrators (PFAs) have invested N5.51 trillion in Nigeria's real sector to reap high yields and drive the nation's growth. The National Pension Commission (PenCom) said the pension industry committed the investment to boost the long-term financing for infrastructure, private equity and real estate to boost the real sector. The commission said on Monday during a meeting with a delegation from the International Monetary Fund (IMF) that the real sector investments underline the strategic contribution of pension funds to sustainable national growth. Read more here"‹

Cocoa output to rise on improved investments

Nigeria's 2024/2025 mid-crop cocoa output is expected to rise despite delayed rainfall in major growing regions of the commodity. Farmers link the expected marginal production rise to the two-year price surge that has spurred increased farm investments and growers' adoption of good agricultural practices to boost the yield per hectare. Owing to this, the Cocoa Farmers Association of Nigeria is projecting output to increase by five percent despite excessive heat and late rainfalls that have delayed the commencement of the 2024/2025 mid-crop season. Read more here"‹