The Stanbic IBTC Bank Nigeria PMI rose to 54.3 in August 2026 from 52.5 in July, indicating a solid improvement in private-sector business conditions. This marked the seventh consecutive month of expansion and the strongest upturn since March 2025.
New orders increased sharply, recording their fastest growth since early 2024, supported by stronger customer demand and the introduction of new products. In response, firms stepped up business activity, with output rising at a much quicker pace than in July. Improved availability of inputs also helped underpin this expansion.
Employment increased for the 15th consecutive month, although the pace of job creation remained modest. Backlogs of work declined for the first time in seven months, while purchasing activity gathered momentum.
Purchase cost inflation edged up in August, largely reflecting higher fuel and transportation costs, and this fed through to a quicker rise in selling prices. Despite a slight softening in sentiment, firms remained broadly optimistic about the outlook for future growth.
