Nigeria PMI Growth Slowest in 7 Months

The Stanbic IBTC Bank Nigeria PMI fell to 51.6 in June 2025 from 52.7 in May, marking the softest improvement in business conditions in the current seven-month growth streak.

Output growth slowed to a seven-month low, largely due to a decline in manufacturing production, while new business expanded at a weaker pace amid muted demand.

Despite this, firms grew notably more optimistic about the year ahead, with sentiment rising to its highest level since August 2022.

Purchasing activity increased, but at a slower rate, while employment remained broadly stable.

Backlogs of work continued to build for a third month, reflecting persistent supply and payment delays.

On the price front, input cost inflation eased to a 25-month low, leading to the slowest rise in output prices since May 2023.

Firms noted improved funding expectations and plans to invest in operational expansion as key drivers of rising confidence.