Stanbic IBTC Reports Job Growth in Agriculture, Manufacturing

The Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank (NGX: STANBIC) Nigeria revealed that the Nigerian economy experienced increased employment in the agriculture and manufacturing sectors in October 2026, while the services and trade sectors saw a decline. The PMI recorded a reading of 55.7, indicating a marked improvement in business conditions, although it dipped from September’s 56.4.

This marks nine consecutive months of strengthening in the private sector. Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, noted that output and new orders were slightly weaker than in September, but improved customer demand and new product introductions were key drivers of business activity.

Job creation improved modestly in agriculture and manufacturing, attributed to higher new orders. The report also highlighted that output prices continued to rise due to increased fuel and transportation costs, with a notable increase in purchase price inflation reaching a four-month high.