Private sector growth, in May, strengthened to its highest level in nine months, driven by sharp increases in output and new orders.
The positive performance came as businesses continued to grapple with rising fuel costs that kept inflationary pressures elevated.
The latest Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI), which rose to 54.1 in May from 52.4 in April. The rise signalled a greater improvement in business conditions and marking the fourth consecutive month of growth in the health of the private sector.
The reading was the most pronounced since August 2025. According to the report, the improvement was largely driven by faster expansions in output and new orders, which recorded seven-month and nine-month highs, respectively.
Businesses attributed the rise in activity to stronger customer demand and the introduction of new products, while output increased across all four broad sectors covered by the survey.
Rising demand and expectations of further growth, the survey said, encouraged firms to increase purchasing activities and build inventories. The pace of expansion in both areas accelerated from April, while improved supplier performance helped firms to secure inputs more quickly.
