Nigeria’s Private-Sector PMI Climbs to 56.4, Highest Since February 2022

Stanbic IBTC Bank Nigeria’s purchasing managers’ index (PMI) rose to 56.4 in September from 54.3 in August. The increase extended the survey’s upward run to a second month and took the measure to its strongest level since February 2022. Readings above 50 indicate improving private-sector conditions; values below 50 signal deterioration.

New business expanded for an eighth consecutive month, with the pace of growth strongest since February 2022. Survey respondents linked the rise to better demand and new product launches. Output followed the same direction, increasing at its fastest pace since February 2022; all four sectors covered by the survey recorded expansion.

To meet higher workloads, firms increased purchasing and built inventories at the fastest rate since late 2021. Employment rose modestly, with some hires made temporarily for specific projects. Cost pressures also strengthened: input-price inflation reached a three-month high, and companies raised selling prices at the fastest pace since June.