FX.co ★ Nigeria Private Sector Growth Eases in May

The Stanbic IBTC Bank Nigeria PMI eased to 53.4 in June 2026 from 54.1 in May, but remained comfortably above the 50-point threshold that separates expansion from contraction. Growth in output and new orders slowed compared with the previous month, and manufacturing was the only major sector to record a decline in business activity.

Despite this moderation, robust customer demand and the launch of new products continued to underpin strong increases in sales and overall business activity. Strengthening demand encouraged firms to raise employment, boost purchasing, and build up inventories. Employment rose for the thirteenth straight month, with the pace of hiring accelerating to its fastest since February.

On the price front, both input costs and selling prices remained high, reflecting increased fuel, raw material, and transportation costs.

Looking ahead, firms stayed positive about the outlook for the coming year. Business confidence climbed to its highest level since June 2025, supported by planned expansion, stepped-up advertising, and stockpiling strategies.