Nigerian economy experienced its fastest growth in productivity since January 2024 in February 2025 when the PMI headline figure rose to 53.7 from 52.0 it recorded in January 2025, the Stanbic IBTC Bank’s Purchasing Manager’s Index (PMI) report has revealed.
The report said that the growth signalled a solid monthly improvement in business conditions and one that was the most pronounced since January 2024.
It said: “February data pointed to improved growth momentum in the Nigerian private sector. Rates of expansion in output, new orders and purchasing activity all quickened as demand picked up and inflationary pressures showed signs of moderating.
“The headline PMI rose to 53.7 in February from 52.0 in January, signalling a solid monthly improvement in business conditions, and one that was the most pronounced since January 2024. The health of the private sector has now strengthened in three consecutive months.”
According to the report, “stronger customer demand and higher sales meant that Nigerian companies increased their output again in February, thereby extending the current sequence of growth to three months.”
It added that all the four monitored sectors, namely agriculture, manufacturing, services, and wholesale and retail, posted a rise in activity, although the increase in the wholesale and retail category was only fractional.
