The current figure points to a marked and spacious-based improvement across the restricted sector.
“A key driver was firms’ success in securing fresh orders, supported by improving buyer request and the commence of recent products.
Nigeria’s confidential sector recorded its strongest growth in over four years in September 2026, driven by a sharp rise in novel orders and organization labor.
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) increased for the second subsequent month to 56.4 in September from 54.3 in August, signalling the most pronounced improvement in firm conditions seeing that February 2022.
According to the describe, readings above 50.0 indicate expansion, whilst below 50.0 shows deterioration. Fresh business rose for the eighth uninterrupted month, at the strongest pace seeing that February 2022, during the time that output additionally increased at the sharpest rate seeing that that month. This led to the greatest accumulation of inventories because the complete of 2021. Vendor execution furthermore improved for the third month running, aided by rapid payments to suppliers.
“On employment, companies hired additional unit but the rate of job creation remained modest, using countless hires on a temporary reason to finished particular projects. Unit outlay inflation additionally quickened.
“Companies were, yet, extra optimistic around the 12-month opinion, citing firm expansion plans, including opening recent branches, intentions to initiate exporting, securing fresh customers and stock building.”
The expansion in capacity, yet, helped firms preserve on top of workloads, together with backlogs decreasing for the second month running, albeit marginally.”
Speaking, the leader of Equity Investigation West Africa at Stanbic IBTC Bank, Muyiwa Oni, said, “comprehensive enterprise conditions improved significantly in September, alongside the headline PMI rising to a stage not seen because February 2022, thereby ensuring a improved third quarter for enterprise activities relative to the second quarter of the year.”
He added that all four sectors monitored recorded important improvement as firms noted improving client demands and introduced fresh products.
Stanbic IBTC added that “despite the durable output, inflationary pressures were marked. Growth was widespread, together with marked expansions across all four monitored sectors.”
The situation stated that “alongside workloads rising, companies ramped up purchasing assignment markedly in September, in some cases buying inputs in anticipation of greater require improvement. A continued sharp rise in procure prices was recorded, alongside the rate at a three-month high, driven by increased fuel costs, animal feed, foodstuffs and other raw materials.
Source: Private Sector Growth Hits 4-year High As PMI Rises To 56.4 In September
