01.06.202609:09:05UTC+00Nigeria Private Sector Activity Rises to 9-Month High

The Stanbic IBTC Bank Nigeria PMI climbed to 54.1 in May 2026 from 52.4 in April, marking the strongest improvement in private sector operating conditions since August 2025. This uptick was underpinned by sharper expansions in both output and new orders. Robust demand encouraged firms to step up purchasing activity and build inventories, while supplier performance improved, supported by prompt payments, better coordination with vendors, and enhanced road infrastructure. Employment also continued to rise, though the pace of hiring remained modest despite a full year of net job creation. On the price front, higher fuel costs linked to the Middle East conflict continued to push up input and output prices, but both input cost and selling price inflation eased to their lowest levels in several months. Business confidence stayed in positive territory, underpinned by expansion plans and new product launches, although overall sentiment slipped to a one-year low amid ongoing cost pressures and economic uncertainty.