FX.co ★ Nigeria PMI Rises in October

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed to 54 in October 2025, up from 53.4 in September, marking the eleventh consecutive month of growth and signaling a further improvement in business conditions. Output growth achieved its highest rate in six months, propelled by stronger new orders, the introduction of new products, and an easing of inflation pressures. Employment figures improved for the fifth month in a row, although the rate of job creation remained moderate. Companies boosted purchasing activities and increased their input inventories in anticipation of continued growth, while supplier delivery times improved further. On the pricing front, input cost inflation slightly increased, driven by faster rises in both purchase and wages-related expenses. However, the rise in output prices continued to be modest, growing at the second slowest rate observed over the past five and a half years, indicating a limited transfer of costs to consumers.