Nigeria’s private sector recorded renewed growth in February 2026, rebounding from a contraction in January, according to the latest Purchasing Managers’ Index (PMI) data released by Stanbic IBTC Bank Nigeria.
The headline PMI rose to 53.2 in February, up from 49.7 in January, crossing above the critical 50-point threshold that separates expansion from contraction.
A PMI reading above 50 signals growth in private sector activity. February’s performance therefore marked a return to expansion after a sluggish start to the year.
The report showed that all four sectors monitored — wholesale and retail, manufacturing, services, and agriculture — recorded expansion during the month. This followed a broad-based slowdown observed in January.
Sector data indicated that new orders increased sharply, supported by improved product affordability and stronger customer traffic. The rise in new business contributed to a recovery in output, which expanded at its fastest pace in four months.
Employment levels also continued to improve. February marked the ninth consecutive month of job creation, with hiring rising at the quickest rate since October 2025. Firms said additional recruitment was necessary to support higher production volumes and meet growing demand.
Companies also expanded purchasing activity and built up inventories to strengthen supply chains in response to the surge in new orders.
Economists and market analysts described the stronger PMI reading as evidence that demand conditions and overall corporate activity are regaining momentum after January’s temporary lull.
They attributed the rebound largely to a resurgence in customer demand, which drove output growth and signalled improving business confidence in Africa’s largest economy.
