Nigeria’s Private Sector Growth Resumes After January Dip, PMI Hits 53.2
Shoe seller Bidemi Bello attends a costumer while selling sandals at her stall in the Balogun Market in Lagos on December 18, 2023. – Christmas and year-end celebrations are marred by the economic crisis and soaring prices in Nigeria. Poverty in the most populous country in Africa has risen in 2023, affecting 104 million people, compared to 79 million five years earlier, according to the World Bank. The prices of food items and basic goods have skyrocketed following an increasing inflation rate and devaluation of the Naira, making daily life increasingly difficult for millions of Nigerians. (Photo by Benson Ibeabuchi / AFP) Nigeria’s private sector showed renewed signs of economic vitality in February 2026, rebounding strongly after a contraction in January, according to the latest Purchasing Managers’ Index (PMI) data released by Stanbic IBTC Bank Nigeria. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569656851-0"); }); The headline PMI climbed to 53.2 in February, up from 49.7 in January, moving back above the key 50-point threshold that separates expansion from contraction. A PMI reading above 50 indicates growth in private sector activity, and February’s figure marked a resurgence in business conditions following a sluggish start to the year. According to the Stanbic IBTC Bank report, all four sectors tracked — including wholesale and retail, manufacturing, services, and agriculture — registered expansion after the January slowdown. Sector-specific data showed that new orders rose sharply, supported by improved product affordability and heightened customer traffic. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569913499-0"); }); Output also regained momentum following its subdued showing in January. February also saw continued job creation, with employment expanding for the ninth consecutive month and at the fastest pace since October 2025. Firms reported increased hiring to support higher production volumes and meet rising demand. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587799169-0"); }); READ ALSO: QatarEnergy To Stop Some Downstream Production In response to stronger new business, companies also stepped up purchasing activity and inventory build-ups to ensure adequate supply chains. Economists and market analysts interpreted the stronger PMI as evidence that demand conditions and corporate activity were picking up after January’s temporary lull. Analysts also attributed February’s rebound chiefly to a return in new orders and stronger customer demand, which drove output growth at the fastest pace in four months. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587060870-0"); }); Join Our Whatsapp Channel To join: Simply click on the link below & turn on notifications to get the latest updates Subscribe to Our Newsletter In This Article: Economy Nigeria PMI More Stories Net Reserves Rise By 772% To $34.8bn In Two Years — Cardoso IMF Urges US To Work With Partners To Ease Trade Restrictions ECB Hits JPMorgan With Central Bank’s Biggest Fine /* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * / var disqus_shortname = 'channelstelevision'; // Required - Replace example with your forum shortname / * * DON'T EDIT BELOW THIS LINE * * */ (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); Please enable JavaScript to view the comments powered by Disqus.