FX.co ★ Nigeria Private Sector Activity Sustains Growth

The Stanbic IBTC Bank Nigeria Purchasing Managers' Index (PMI) slightly decreased to 53.6 in November 2025, down from 54.0 the previous month, yet it maintained a full year of monthly growth. New orders experienced their thirteenth consecutive month of increase and grew at the quickest rate in three months, driven by the introduction of new products and heightened customer demand. Output continued to expand across all major sectors, benefiting from reduced inflationary pressures. Concurrently, employment saw modest growth, while purchasing activity reached a seven-month high, enabling inventory levels to rise at their fastest pace since the middle of 2023. Supplier delivery times improved, but backlogs grew due to delayed payments. Regarding pricing, input cost inflation eased to its lowest point in nearly five years, and output price inflation decelerated to its slowest since April 2020. Despite the enhanced operating environment, business confidence dipped to its lowest since May, with optimism largely linked to investment and expansion plans.