FRI MAY 09 2025-theGBJournal| Nigeria’s Private sector business activity stayed strong and positive into the start of the second quarter of the year, according to latest Purchasing Managers Index (PMI) report published by Stanbic IBTC.
The report which recorded Nigeria’s private sector PMI at 54.2 in April – broadly in line with 54.3 seen in March, also underscored the improvement in business activity.
The improvement seen was, according to the report, primarily due to improved customer demand amid softening inflationary pressures, both of which helped to support higher new orders.
Besides, all four major sectors grew, with the services sector leading the way.
The report notes that rising raw materials costs and a weaker currency let to a sharp increase in purchase prices at the start of the second quarter.
”About 36% of respondents reported higher purchase prices in the month, as inflation picked up slightly from March.”
Agriculture saw the strongest growth in the period under review in contrast to wholesale and retail which ended the period weakened.
Meanwhile, employment in Nigeria’s private sector spiked again in April, reaching an eight-month high, driven by higher workloads and efforts to meet deadlines, with all sectors seeing job growth.
The job growth was reflected in the increase in staff costs which rose again in April. Stanbic report shows that higher living costs, wage hikes, and efforts to retain staff drove the increase.
Overall, Nigerian companies are ”still optimistic about growth in the next year, but confidence has slowed for the third month in a row,” Stanbic PMI shows.
It said over 46% expect increased activity, driven by plans to invest in stocks, open new branches, and expand.
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