Nigeria's PMI Rises to 54.1, Boosting Manufacturing Output

The Purchasing Managers' Index (PMI) for May 2026 recorded a rise to 54.1, up from 52.4 in April, indicating a solid improvement in business conditions across Nigeria's private sector. The manufacturing and agriculture sectors experienced the steepest increases in output prices, attributed to higher fuel costs that have driven up input costs.

Employment levels rose, although the services sector saw a decline. The PMI report, released by Stanbic IBTC Bank, highlighted that the growth in output and new orders reached a nine-month high, reflecting improved customer demand and the launch of new products.

Despite the increase in input prices, which rose at the fastest pace in three months, the rate of inflation eased for the second consecutive month. Mr.

Muyiwa Oni, head of equity research at Stanbic IBTC Bank, noted that the private sector's activity is at its best level in nine months, with expectations for further growth in the coming months.