Nigeria Private Sector Growth Continues

The Stanbic IBTC Bank Nigeria PMI fell to 53.4 in September 2025 from 54.2 in August, signaling a softer but still solid improvement in business conditions. Output and new orders grew solidly in September, supported by stronger demand conditions and the launch of new products. This encouraged firms to scale up hiring and increase input purchases, with employment rising to its highest level in nearly two years and inventories building in anticipation of stronger future demand. At the same time, supplier delivery times shortened, signaling improved supply chain conditions, while purchase cost inflation eased to its lowest level in five and a half years. This slowdown in input costs translated into a more moderate pass-through to customers, with output prices recording their second-slowest increase in over five years.