Nigeria's PMI hits a nine-month high as cost pressures and low confidence persist

⑴ The Stanbic IBTC Bank Nigeria PMI rose to 54.1 in May 2026, up from 52.4 in April, marking the strongest improvement in private sector business conditions since August 2025. ⑵ Output and new orders grew more robustly, and increased demand prompted companies to boost purchasing activities and inventories. Supplier delivery times shortened due to prompt payments, better supplier coordination, and improved road conditions. ⑶ Employment continued to grow; however, despite consistent job creation over the past year, the pace of hiring remained moderate. Fuel cost increases related to the Middle East conflict continued to drive up input and selling prices, but inflation rates for both eased to multi-month lows. ⑷ Companies maintained positive expectations based on expansion and product launch plans, but ongoing cost pressures and economic uncertainty pushed business confidence down to a one-year low.