{
  "id": 4866849,
  "title": "Nigeria’s private sector growth hits 29-month high at 54.3 – Report",
  "url": "https://urgent.news/2026/09/01/nigerias-private-sector-growth-hits-29-month-high-at-54-3-report",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T13:23:54.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/09/01/nigerias-private-sector-growth-hits-29-month-high-at-54-3-report/"
  },
  "original_language": "en",
  "account": "Nigeria's private sector witnessed its most significant expansion in business conditions over the past 29 months in August 2026, according to a recent report. The headline Stanbic IBTC Bank Nigeria Purchasing Managers' Index surged to 54.3 points from 52.5 points in July, marking the joint-highest level in over two-and-a-half years. This expansion extended to seven consecutive months, underscoring a robust recovery in the nation's private sector. The Purchasing Managers' Index, a key indicator of business conditions, surpasses 50 to signal improvement. The latest data, compiled by S&P Global and endorsed by the National Bureau of Statistics, is based on information collected between August 12 and 26. The report's authors noted that new orders, output, and customer demand all contributed to the surge. Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, expressed optimism about the private sector's prospects, highlighting plans for businesses to hire workers, open new locations, and boost exports. However, the acceleration in economic activity came with higher operating costs. Inflation in food prices rose to 20.31% year-on-year in July from 17.52% in June, while headline inflation eased to 15.43% from 15.91%. Despite the positive outlook, the private sector's confidence dipped to a three-month low, as businesses anticipated further expansion in the next 12 months. The private sector is expected to contribute 4.11% to Nigeria's GDP growth in 2026, up from 3.71% in 2025, with the manufacturing sector projected to experience the most significant growth boost due to a low 2025 statistical base.",
  "summary": "Nigeria’s private sector recorded its strongest improvement in business conditions in 29 months in August 2026, driven by a surge in new orders, stronger output and improved customer demand. The post Nigeria’s private sector growth hits 29-month high at 54.3 – Report appeared first on Nairametrics .",
  "key_points": [
    "Nigeria's private sector growth hits 29-month high at 54.3 in August 2026",
    "Stanbic IBTC Bank Nigeria Purchasing Managers Index surges to joint-highest level in 29 months",
    "Higher operating costs and lower private sector confidence noted despite positive outlook"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}