The Stanbic IBTC Bank Nigeria PMI rose to 53.2 in February 2026 from 49.7 in January, returning to expansion territory above the 50-point mark and indicating a renewed improvement in private sector conditions. The rebound was underpinned by a solid increase in new orders, as stronger demand and better affordability supported business activity, while output grew at the fastest pace in four months.
Firms raised staffing levels for the ninth consecutive month, with employment growing at the quickest rate since October. Purchasing activity and inventories were also increased to accommodate higher demand. Nonetheless, backlogs of work built up sharply, reflecting ongoing payment delays, shortages of materials, and persistent power supply issues.
On the price front, inflationary pressures eased markedly. Currency appreciation helped slow the rise in both input costs and selling prices, which increased at their weakest pace in more than six years. While business confidence improved compared with January, overall sentiment remained cautious as firms continued to assess the sustainability of the recovery.
