FX.co ★ Nigeria Private Sector Growth Continues

The Purchasing Managers' Index (PMI) from Stanbic IBTC Bank Nigeria declined slightly to 53.4 in September 2025, down from 54.2 in August. This decrease indicates a milder yet consistent enhancement in business conditions. September saw a robust increase in both output and new orders, driven by heightened demand and the introduction of new products. Consequently, companies expanded their workforce and boosted input purchases, leading to employment reaching its highest level in nearly two years. Businesses also increased inventories in anticipation of rising future demand. Concurrently, quicker supplier delivery times reflected better supply chain conditions, and purchase cost inflation dropped to its lowest point in five and a half years. This reduction in input costs resulted in a more moderate transfer of prices to consumers, with output prices experiencing the second-slowest growth in over five years.