The Stanbic IBTC Bank Nigeria PMI eased to 53.4 in June 2026 from 54.1 in May, but remained well above the 50-point threshold. The pace of growth in output and new orders softened from the previous month, while manufacturing was the only broad sector to record a decline in business activity. Despite the moderation, strong customer demand and new product launches continued to support marked growth in sales and business activity. Improving demand encouraged firms to increase employment, purchasing activity, and inventories. Employment rose for a thirteenth consecutive month, with hiring at its fastest pace since February. On the price front, input costs and selling prices remained elevated due to higher fuel, raw material, and transportation costs. Looking ahead, firms remained optimistic about the year ahead, with business confidence climbing to its highest level since June 2025, supported by expansion plans, advertising efforts, and stockpiling. source: S&P Global

Composite PMI in Nigeria decreased to 53.40 points in June from 54.10 points in May of 2026. Composite PMI in Nigeria averaged 52.82 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 53.40 points in June from 54.10 points in May of 2026. Composite PMI in Nigeria is expected to be 54.00 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, according to our econometric models.



Related Last Previous Unit Reference
Capacity Utilization 57.50 55.50 percent Jun 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 18.00 17.00 Jun 2026
Industrial Production 3.69 2.08 percent Dec 2025
Manufacturing Production 1.13 1.01 percent Dec 2025
Mining Production 8.89 3.46 percent Dec 2025


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 Growth Eases in May
The Stanbic IBTC Bank Nigeria PMI eased to 53.4 in June 2026 from 54.1 in May, but remained well above the 50-point threshold. The pace of growth in output and new orders softened from the previous month, while manufacturing was the only broad sector to record a decline in business activity. Despite the moderation, strong customer demand and new product launches continued to support marked growth in sales and business activity. Improving demand encouraged firms to increase employment, purchasing activity, and inventories. Employment rose for a thirteenth consecutive month, with hiring at its fastest pace since February. On the price front, input costs and selling prices remained elevated due to higher fuel, raw material, and transportation costs. Looking ahead, firms remained optimistic about the year ahead, with business confidence climbing to its highest level since June 2025, supported by expansion plans, advertising efforts, and stockpiling.
2026-07-01
Nigeria Private Sector Activity Rises to 9-Month High
The Stanbic IBTC Bank Nigeria PMI rose to 54.1 in May 2026 from 52.4 in April, signaling the strongest improvement in private sector business conditions since August 2025. The increase was driven by sharper growth in both output and new orders. Stronger demand prompted firms to increase purchasing activity and inventories, while supplier performance improved due to prompt payments, better vendor coordination, and improved road conditions. Employment also continued to increase, although hiring growth remained modest despite sustained job creation over the past year. On the price front, higher fuel costs linked to the Middle East conflict continued to lift input and selling prices, although both input cost and output price inflation eased to multi-month lows. Business confidence remained positive on expansion and product-launch plans, though sentiment slipped to a one-year low amid persistent cost pressures and economic uncertainty.
2026-06-01
Nigeria Private Sector Activity Rises Faster in March
The Stanbic IBTC Bank Nigeria PMI rose to 52.4 in April 2026 from 51.9 in March, remaining above the 50-point threshold and signaling a continued improvement in private sector conditions. Output expanded at a solid pace, supported by stronger demand, although rising fuel costs linked to Middle East tensions continued to constrain the pace of activity. New orders increased further, driven by higher customer numbers and improving demand. Sector performance was broadly positive, with activity rising in most areas except services. In addition, employment edged higher as firms responded to increased workloads. Purchasing activity extended its upward trend, while inventories rose at the fastest pace in five months as firms sought to secure inputs. Business sentiment improved, with firms expressing optimism about future output and planning expansion through new branches, market entry, and stock-building, though confidence remained tempered by ongoing cost pressures.
2026-05-04