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CBN reports 14th straight month of economic expansion

Nigeria’s economic activity sustained a strong growth momentum in January 2026 as the Central Bank of Nigeria’s composite Purchasing Managers’ Index climbed to 55.7 points, signalling expansion for the fourteenth consecutive month. This is according to the latest Purchasing Managers’ Index report released by the Central Bank of Nigeria. The data points to broad-based improvement […]

Private Sector in Nigeria
Economy

Private sector growth persists as PMI closes 2025 strong

The Stanbic IBTC Purchasing Managers’ Index report has shown that Nigeria’s private sector sustained its growth momentum at the end of 2025, supported by stronger customer demand that translated into higher new orders, output, and purchasing activity. According to the December 2025 report, firms recorded an increase in employment levels during the month, although the […]

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Africa urged to improve project management after $555m USAID cut

The Managing Director for Sub-Saharan Africa at the Project Management Institute, George Asamani, has urged African governments, including Nigeria, to strengthen project execution in response to a $555 million cut in U.S. contributions to the African Development Fund. He noted that the funding cut—part of a wider decline in global aid—poses a serious threat to […]

FX payments rose to $1.3bn in February - CBN
Business

FX drives business costs to highest in 10 years

Due to the February weakening in the currency rate, businesses in Nigeria saw the biggest increase in input costs in a decade. The Times recorded that the Purchasing Managers Index for February 2024 by Stanbic IBTC indicates that business conditions saw the lowest improvement since December 2023, as Nigeria’s business PMI fell sharply from 54.5 […]

Inflation causes decline in private sector productivity, employment - PMI
Business

PMI rises to 52.7 in December – Report

The most recent Stanbic IBTC PMI survey has revealed that the business environment in Nigeria improved in December 2023, with the Purchasing Managers Index climbing to 52.7 from 48.0 in November. The PUNCH reported that despite the increase, the business forecast for the new year is the lowest it has been since 2014. The increase was the […]

Inflation causes decline in private sector productivity, employment - PMI
Business

Inflationary pressures hurting business growth – Stanbic IBTC’s PMI

The Stanbic IBTC’s Purchasing Power Index, PMI, data published yesterday, has revealed that the removal of Nigeria’s fuel subsidy may have reduced business confidence in June 2023 as inflationary pressures rose. According to the study, although they had slowed down, output growth and new order growth both continued to be significant. “Business optimism dropped to almost record-low […]

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