Stanbic IBTC Reports Continued Growth in Nigeria's PMI

Nigeria's private sector has shown continued growth for the ninth straight month, as indicated by the Stanbic IBTC Bank (NGX: STANBIC) Nigeria Purchasing Managers' Index (PMI), which recorded a reading of 55.7 in October 2026, down from 56.4 in September. A PMI above 50.0 signifies expansion.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, noted that while output and new orders were slightly weaker than in September, improved customer demand and new product introductions have been key drivers of business activity. Companies reported a rapid increase in new orders, contributing to a sharp rise in business activity for 23 consecutive months.

Despite the increase in new orders, firms managed workloads effectively, reducing outstanding business for the third month in a row. Staffing levels increased only slightly, and purchase price inflation rose to a four-month high.

Stanbic IBTC Bank maintained a positive growth outlook, projecting GDP growth of 4.27 percent year-on-year in 2026, supported by exchange rate stability and government investment in key sectors.