Nigeria’s private sector expansion accelerated sharply in August 2026, driven by strong customer demand, surging new order inflows, and robust output across agriculture, manufacturing, and service industries.
Data released by Stanbic IBTC Bank and S&P Global showed the Purchasing Managers’ Index jumped to 54.3 in August from 52.5 in July, signaling the fastest growth rate since March 2025.
August marked the seventh consecutive month of private sector growth, supported by new orders hitting a 12-month high and output expanding for the twenty-first straight month across all four broad economic domains.
Increased operational capacity enabled Nigerian businesses to recruit staff for the fifteenth consecutive month and clear operational backlogs for the first time in seven months despite persistent raw material and transportation costs.
The momentum reflects broader macroeconomic stabilization after headline inflation eased to 15.91%, prompting the Central Bank of Nigeria to hold its key monetary policy rate steady at 26.50%.
Stanbic IBTC analysts maintain a full-year 2026 economic growth forecast of 4.1%, citing strong non-oil sector activity, regional expansion, and elevated corporate inventory accumulation entering the third quarter.
