FX.co ★ Nigeria Private Sector Activity Eases in October

The Stanbic IBTC Bank Nigeria PMI eased to 55.7 in October 2026 from 56.4 in September, signalling a further—though slightly slower—improvement in private-sector business conditions and marking a ninth consecutive month of expansion. Growth in both new orders and business activity moderated, and employment rose at its weakest rate in three months. Output increased across all four monitored sectors.

Backlogs of work declined for the third month running, with the rate of depletion the quickest since January. Purchasing activity continued to grow, although the accumulation of input inventories slowed compared with September.

On the price front, higher fuel costs pushed purchase price inflation to a four-month high, while selling price inflation also quickened to its fastest rate in four months. Despite softening slightly from September, business confidence remained firmly positive.