The Stanbic IBTC Bank Nigeria PMI climbed to 53.2 in February 2026 from 49.7 in January, moving back above the 50-point threshold and signaling a renewed improvement in private sector conditions. The rebound was driven by a solid pickup in new orders as stronger demand and improved affordability supported business activity, while output expanded at the fastest pace in four months. Firms increased hiring for a ninth consecutive month, with employment rising at the quickest rate since October, while purchasing activity and inventories were stepped up to meet higher demand. However, backlogs of work accumulated sharply, reflecting payment delays, material shortages, and power supply challenges. On prices, inflationary pressures eased notably as currency appreciation helped slow the rise in input costs and selling prices to their weakest pace in over six years. Although business confidence improved from January, sentiment remained cautious as firms assessed the durability of the recovery. source: S&P Global

Composite PMI in Nigeria increased to 53.20 points in February from 49.70 points in January 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 increased to 53.20 points in February from 49.70 points in January of 2026. Composite PMI in Nigeria is expected to be 53.00 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 15.00 15.00 Feb 2026
Industrial Production 3.19 8.01 percent Sep 2025
Manufacturing Production 1.25 1.60 percent Sep 2025
Mining Production 7.02 20.86 percent Sep 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 Activity Recovers in February
The Stanbic IBTC Bank Nigeria PMI climbed to 53.2 in February 2026 from 49.7 in January, moving back above the 50-point threshold and signaling a renewed improvement in private sector conditions. The rebound was driven by a solid pickup in new orders as stronger demand and improved affordability supported business activity, while output expanded at the fastest pace in four months. Firms increased hiring for a ninth consecutive month, with employment rising at the quickest rate since October, while purchasing activity and inventories were stepped up to meet higher demand. However, backlogs of work accumulated sharply, reflecting payment delays, material shortages, and power supply challenges. On prices, inflationary pressures eased notably as currency appreciation helped slow the rise in input costs and selling prices to their weakest pace in over six years. Although business confidence improved from January, sentiment remained cautious as firms assessed the durability of the recovery.
2026-03-02
Nigeria Private Sector Activity Slips Back Into Contraction
The Stanbic IBTC Bank Nigeria PMI fell to 49.7 in January 2026 from 53.5 in December, dipping below the 50-point mark and signaling broadly weaker business conditions after more than a year of expansion. New orders stagnated following a 14-month growth streak, limiting output to only marginal gains as demand softened at the start of the year. Purchasing activity and input stocks also increased at slower rates, especially in wholesale and retail, while agriculture, manufacturing, and services still recorded modest growth. Employment continued to edge higher for an eighth straight month, helping firms reduce backlogs. On the price front, cost pressures intensified. Purchase prices and staff costs both rose more quickly, prompting companies to lift selling prices at the fastest pace in four months, though inflation remained mild compared with post-pandemic peaks. Despite the slowdown, companies remained cautiously optimistic, expecting demand and activity to recover in the months ahead.
2026-02-02
Nigeria Private Sector Growth Remains Robust
The Stanbic IBTC Bank Nigeria PMI eased slightly to 53.5 in December 2025, from 53.6 in November but signalling a solid monthly performance. New orders, output and purchasing activity all increased, reflecting higher customer demand. Employment also went up, but the rate of job creation remained marginal. Turning to prices, inflationary pressures picked up modestly in December but remained close to recent lows. Notably, there was a marked improvement in business confidence, as sentiment hit a six-month high, linked to planned investments in business expansions, including the opening of new branches and plans to boost product exports.
2026-01-02