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Tag: Private Sector

Finance

Private sector credit rises to ₦83.26trn in June

Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, according to the latest data from the Central Bank of Nigeria. The increase represents a month-on-month rise of about N2.22 trillion. Year-on-year, the figure represents a 9 per cent increase compared with the N76.13 trillion recorded in June […]

Maritime

Oyetola seeks govt, private sector synergy to advance blue economy policy

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has called for synergy between the Federal and state governments, private sector and development partners to accelerate the implementation of Nigeria’s National Policy on Marine and Blue Economy. He described sub-national participation as critical to unlocking the sector’s vast economic potential. Oyetola said this at […]

Economy

Nigeria’s private sector grows for fifth straight month in June

Nigeria’s private sector sustained its growth momentum in June 2026, marking the fifth consecutive month of expansion as stronger customer demand and new product offerings continued to drive business activity. This according to the latest Stanbic IBTC Purchasing Managers’ Index. The PMI eased slightly to 53.4 in June from 54.1 in May but remained comfortably […]

Finance

Nigeria’s private sector credit remains below economic peers — AfDB

Nigeria’s banking sector extends credit to the private sector equivalent to just 9.4 per cent of the country’s Gross Domestic Product, underscoring the limited role of financial institutions in supporting business expansion despite ongoing reforms aimed at deepening financial inclusion and stimulating economic growth. This was disclosed in the African Development Bank’s 2026 African Economic […]

featured Finance

Private sector rejects pressure to match proposed ₦100,000 minimum wage

Members of the organised private sector have warned against expecting private sector employers to automatically adopt a N100,000 minimum wage, despite moves by some state governments to raise workers’ salaries to that level. The business groups argued that while some large corporations and thriving sectors of the economy may have the capacity to pay wages […]

Business

Private sector confidence rises as agriculture drives April recovery

Nigeria’s private sector maintained its recovery momentum in April 2026 as the Nigerian Economic Summit Group reported that its Business Confidence Monitor Current Business Performance Index rose to 102.1 points. NESG made this known in its latest Business Confidence Monitor released on Tuesday. The latest data shows a marginal increase from 101.2 points recorded in […]

Business

Nigeria’s private sector rebounds strongly in February PMI survey

Nigeria’s private sector staged a strong recovery in February 2026, driven by renewed customer demand that boosted business activity and helped moderate inflationary pressures, according to the latest Purchasing Managers’ Index survey released by Stanbic IBTC Bank. The headline PMI climbed to 53.2 in February from 49.7 in January, crossing back above the 50.0 no-change […]

Finance

Private sector welcomes CBN’s modest interest rate cut

The Monetary Policy Committee of the Central Bank of Nigeria has reduced the benchmark interest rate to 26.5 per cent, of which, members of the Organised Private Sector have described the move as minimal but a positive signal for businesses and the broader economy. At the end of its 304th meeting in Abuja, the MPC […]

Conferences

Lagos urges private sector partnership to accelerate AI adoption

The Lagos State Government has said collaboration with the private sector is critical to accelerating artificial intelligence adoption in Nigeria, as stakeholders warn that innovation is advancing faster than governance and infrastructure. The position was reinforced at the “AI in Action Now” Conference 2026, held at the Lagos Oriental Hotel, where technology leaders, regulators and […]

Economy

Private sector credit rebounded to ₦75.8tn in December 2025

Private sector credit rose to N75.8 trillion in December 2025, up from N74.63 trillion in November, reflecting a modest rebound in lending activities at the end of the year. The data was released by the Central Bank of Nigeria as part of its latest monetary and credit statistics. While the increase points to improving lending […]

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 […]

Business

Private sector ends 2025 strong as PMI hits 53.5

Nigeria’s private sector closed 2025 on a firm note, with stronger customer demand sustaining growth in business activity and lifting the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index to 53.5 in December 2025. This was disclosed in the latest PMI report released by the bank and compiled by S&P Global. The index is based on […]

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