FX.co ★ Nigeria Private Sector Activity Hits More Than 4-Year High

The Stanbic IBTC Bank Nigeria PMI climbed to 56.4 in September 2026 from 54.3 in August, indicating a substantial strengthening in private-sector conditions and marking the fastest pace of growth in more than four-and-a-half years. New orders rose for the eighth month in a row and at their quickest rate since February 2022, supported by stronger customer demand and the launch of new products. In response, output growth accelerated to its highest level since February 2022, with expansions recorded across all four monitored sectors. Purchasing activity also increased sharply as firms moved to accommodate rising workloads, resulting in the strongest inventory build-up since late 2021. Employment rose for the 16th consecutive month, although the rate of job creation remained modest. At the same time, input cost inflation hit a three-month high, driven by higher fuel, food and raw material prices. Firms became more optimistic about the 12-month outlook, underpinned by expansion plans, anticipated new customers and potential export opportunities.