2026.08.0309:21:23UTC+00Nigeria Private Sector Growth Softens in July

The Stanbic IBTC Bank Nigeria PMI edged down to 52.5 in July 2026 from 53.4 in June, indicating a sixth straight month of improved operating conditions in the private sector. New orders continued to grow, supported by new product launches, competitive pricing, and stronger customer demand. Business activity also expanded, driven mainly by agriculture and manufacturing, though growth in services and retail slowed somewhat.

Employment and purchasing activity increased as firms responded to rising workloads. However, backlogs of work ticked up slightly, reflecting logistical challenges despite an improvement in supplier performance. Inflationary pressures eased, with both input costs and output prices rising at a slower pace, while staff costs registered only a modest increase. Among sectors, agriculture saw the sharpest rise in selling prices, while services recorded the weakest price inflation. Firms remained positive about output prospects over the coming year, although confidence slipped from June’s one-year high.