The Stanbic IBTC Bank Nigeria PMI eased to 51.9 in March 2026 from 53.2 in February, remaining above the 50-point mark and signaling continued expansion, though at a slower pace. Output growth eased as rising fuel costs limited production, while new orders increased sharply, supported by resilient underlying demand and new product launches. Sector performance was mixed: activity rose in agriculture and wholesale & retail, but declined in manufacturing and services. Employment expanded for the tenth straight month, albeit more slowly, and companies boosted purchasing activity, with only modest inventory accumulation. Inflationary pressures intensified, with input costs climbing at the fastest pace in 15 months and selling prices rising to the highest since December 2024. Business sentiment remained positive but eased to a four-month low, reflecting cautious optimism as firms planned investment and promotional initiatives to support future output. source: S&P Global

Composite PMI in Nigeria decreased to 51.90 points in March from 53.20 points in February of 2026. Composite PMI in Nigeria averaged 52.81 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 51.90 points in March from 53.20 points in February of 2026. Composite PMI in Nigeria is expected to be 52.80 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 Growth Eases in March
The Stanbic IBTC Bank Nigeria PMI eased to 51.9 in March 2026 from 53.2 in February, remaining above the 50-point mark and signaling continued expansion, though at a slower pace. Output growth eased as rising fuel costs limited production, while new orders increased sharply, supported by resilient underlying demand and new product launches. Sector performance was mixed: activity rose in agriculture and wholesale & retail, but declined in manufacturing and services. Employment expanded for the tenth straight month, albeit more slowly, and companies boosted purchasing activity, with only modest inventory accumulation. Inflationary pressures intensified, with input costs climbing at the fastest pace in 15 months and selling prices rising to the highest since December 2024. Business sentiment remained positive but eased to a four-month low, reflecting cautious optimism as firms planned investment and promotional initiatives to support future output.
2026-04-01
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