Nigeria Private Sector Activity Growth at Over 1-Year High

The Stanbic IBTC Bank Nigeria PMI rose to 54.3 in March 2025, from 53.7 in February, signaling the fourth consecutive month of growth in the private sector and the strongest since early 2024.

Output, new orders, employment and purchasing activity all increased faster amid improving demand.

Additionally, suppliers' delivery times continued to shorten, with improved vendor performance linked to prompt payments and good road conditions.

On the price front, input costs for Nigerian companies rose at a much slower pace in March, marking the weakest increase since May 2023, yet still notable.

Consequently, output price inflation softened for the third straight month, reaching its lowest level since May 2023.

Looking forward, companies were less optimistic about the 12-month outlook for business activity, with confidence reaching a three-month low and falling below the series average.