Firms see slowest rise in purchasing costs in months
Nigeria’s private sector continued to grow, supported by strong customer demand and competitive pricing. The latest Purchasing Managers’ Index from Stanbic IBTC Bank Nigeria and S&P Global showed a slight slowdown in business conditions, but growth remained steady. Firms benefited from softer cost pressures, as purchasing cost inflation hit its lowest level in five months. The report also highlighted ongoing challenges with higher fuel and raw material prices, but overall optimism among businesses persisted.
TLDR
- The headline Purchasing Managers’ Index dropped to 52.5 in July from 53.4 in June, but stayed above the 50-point mark, indicating continued growth.
- Purchase price inflation slowed to its weakest level in five months, offering some relief to businesses.
- Agriculture and manufacturing led output gains, while services and retail expanded more moderately.
- Firms increased hiring and inventory levels, though employment growth was slower than the previous month.
- Nigeria’s headline inflation rate eased to 15.91 per cent in June 2026 from 15.93 per cent in May, and was much lower than the 25.29 per cent recorded a year earlier.
