The Stanbic IBTC Bank Nigeria PMI edged down to 55.7 in October 2026 from 56.4 in September, indicating continued improvement in private-sector business conditions for the ninth consecutive month, albeit at a slower pace. Growth in new orders moderated slightly, despite continued support from stronger customer demand and new product launches. However, output rose across all four monitored sectors. Employment growth also slowed to a three-month low. Backlogs of work fell for a third consecutive month, with the pace of depletion reaching its fastest since January. Purchasing activity continued to rise, although the increase in stocks of purchases eased from September. On prices, higher fuel costs drove purchase price inflation to a four-month high, while selling price inflation accelerated to its fastest pace in four months. Business confidence remained strongly positive, despite easing slightly from September. source: S&P Global

Composite PMI in Nigeria decreased to 55.70 points in October from 56.40 points in September of 2026. Composite PMI in Nigeria averaged 52.88 points from 2014 until 2026, reaching an all time high of 59.10 points in May of 2018 and a record low of 37.10 points in April of 2020. This page provides - Nigeria Composite Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Composite PMI in Nigeria decreased to 55.70 points in October from 56.40 points in September of 2026. Composite PMI in Nigeria is expected to be 53.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.00 points in 2027 and 53.70 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Capacity Utilization 56.53 54.43 percent Dec 2025
Changes in Inventories 132990.59 111004.60 NGN Million Dec 2024
Corruption Index 26.00 26.00 Points Dec 2025
Corruption Rank 142.00 140.00 Dec 2025
Crude Oil Rigs 19.00 20.00 Oct 2026
Industrial Production 2.42 3.69 percent Mar 2026
Manufacturing Production 3.29 1.13 percent Mar 2026
Mining Production 1.89 8.89 percent Mar 2026


Stanbic IBTC Bank Nigeria PMI
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index measures the performance of the private sector and is derived from a survey of 400 companies from agriculture, manufacturing, services, construction and retail. The Purchasing Managers’ Index is a composite index based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the private sector activity compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Nigeria Private Sector Activity Eases in October
The Stanbic IBTC Bank Nigeria PMI edged down to 55.7 in October 2026 from 56.4 in September, indicating continued improvement in private-sector business conditions for the ninth consecutive month, albeit at a slower pace. Growth in new orders moderated slightly, despite continued support from stronger customer demand and new product launches. However, output rose across all four monitored sectors. Employment growth also slowed to a three-month low. Backlogs of work fell for a third consecutive month, with the pace of depletion reaching its fastest since January. Purchasing activity continued to rise, although the increase in stocks of purchases eased from September. On prices, higher fuel costs drove purchase price inflation to a four-month high, while selling price inflation accelerated to its fastest pace in four months. Business confidence remained strongly positive, despite easing slightly from September.
2026-11-02
Nigeria Private Sector Activity Hits More Than 4-Year High
The Stanbic IBTC Bank Nigeria PMI rose to 56.4 in September 2026 from 54.3 in August, signalling a marked improvement in private-sector conditions and the strongest growth in over four-and-a-half years. New orders increased for an eighth consecutive month and at their fastest pace since February 2022, supported by improving customer demand and new product launches. In turn, output growth accelerated to its strongest level since February 2022, with expansions recorded across all four monitored sectors. Purchasing activity also rose sharply as firms sought to meet rising workloads, driving the strongest inventory accumulation since late 2021. Employment increased for a 16th consecutive month, although job creation remained modest. Meanwhile, input cost inflation reached a three-month high, driven by higher fuel, food and raw material costs. Firms became more optimistic about the 12-month outlook, citing expansion plans, new customers and potential export opportunities.
2026-10-02
Nigeria Private Sector Activity Gains Momentum
The Stanbic IBTC Bank Nigeria PMI rose to 54.3 in August 2026 from 52.5 in July, signalling a solid improvement in Nigeria’s private-sector conditions. The latest data pointed to the seventh consecutive month of growth and the most pronounced since March 2025. New orders strengthened sharply, growing at their fastest pace since the start of 2024, on improving customer demand and new product launches. Companies responded by accelerating business activity, with the rate of output growth significantly stronger than in July. Improved material availability was also cited as a factor supporting growth. Employment rose for a 15th consecutive month, but job creation remained modest. Backlogs fell for the first time in seven months, while purchasing activity accelerated. Purchase cost inflation rose slightly in August, driven by higher fuel and transport costs, with output price inflation also accelerating. Firms remained confident about future growth, despite a slight dip in sentiment.
2026-09-01