Nigeria's private sector posts strongest growth in four years as PMI climbs to 56.4

Nigeria's private sector recorded its strongest monthly improvement in more than four years in September, as the Stanbic IBTC Bank Nigeria Purchasing Managers' Index rose to 56.4 from 54.3 in August.

The reading, compiled for Stanbic IBTC by S&P Global and endorsed by the National Bureau of Statistics, marks the second consecutive month of acceleration and the fastest pace of growth since February 2022.

Demand drives the expansion

New orders increased for an eighth consecutive month and at their quickest pace since February 2022, supported by improving customer demand and new product launches. Output growth likewise accelerated to its strongest level in over four years, with expansions recorded across all four sectors monitored by the survey — agriculture, manufacturing, services, and wholesale and retail.

Purchasing activity rose sharply as firms sought to meet rising workloads, feeding the strongest inventory accumulation since late 2021. Employment increased for a 16th consecutive month, although job creation remained modest.

Prices and the outlook

Input-cost inflation climbed to a three-month high, driven by higher fuel, food and raw-material costs, while firms became markedly more optimistic about the 12-month outlook, citing expansion plans, new customers and potential export opportunities.

Stanbic IBTC has retained a GDP growth forecast of about 4.1 percent for 2026, with the non-oil economy expected to remain the primary growth engine.

Sources

Leadership, “Private Sector Growth Hits 4-year High As PMI Rises To 56.4 In September” (2 Oct 2026); Stanbic IBTC Bank / S&P Global Nigeria PMI release (1 Oct 2026); TradingEconomics, “Nigeria Private Sector Activity Hits More Than 4-Year High” (2 Oct 2026).