Nigeria’s private sector closed Q3 2025 on a high, extending its growth streak to ten consecutive months.
However, growth slowed slightly.
Private Sector Growth
The latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI) showed September at 53.4, below August’s 54.2, but still above the growth threshold.
Moreover, rising customer demand and new product launches drove a surge in new orders across sectors.
Strong Output And Orders
“Growth spread across all major sectors,” the report stated. “
Firms expanded output, increased capacity, and boosted purchasing, even as growth slowed overall.”
Head of equity research at Stanbic IBTC Bank, Muyiwa Oni, explained output and new orders stayed strong while inflationary pressures eased.
“Output growth remained robust at 56.1 points, supported by better material availability and rising demand,” he said.
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“New orders grew at 55.4 points for the 11th consecutive month, though slower than August.”
Looking Ahead
The PMI trends reflect the wider economy, which grew 4.23% year-on-year in Q2, up from 3.13% in Q1.
Agriculture and oil led expansion, contributing over a third of real GDP growth, while ICT, finance, real estate, and trade also gained.
Stanbic IBTC expects growth into 2026, supported by easing interest rates, lower inflation, and reduced currency volatility.
The bank forecasts oil growth at 14.3% and non-oil at 4.4% in Q3, producing overall GDP growth of 4.5%.
Overall, Nigeria’s private sector shows steady expansion, navigating challenges with cautious optimism as the economy gradually recovers.
