Nigeria’s private sector showed renewed signs of economic vitality in February 2026, rebounding strongly after a contraction in January, according to the latest Purchasing Managers’ Index (PMI) data released by Stanbic IBTC Bank Nigeria.
The headline PMI climbed to 53.2 in February, up from 49.7 in January, moving back above the key 50-point threshold that separates expansion from contraction.
A PMI reading above 50 indicates growth in private sector activity, and February’s figure marked a resurgence in business conditions following a sluggish start to the year.
According to the Stanbic IBTC Bank report, all four sectors tracked — including wholesale and retail, manufacturing, services, and agriculture — registered expansion after the January slowdown.
Sector-specific data showed that new orders rose sharply, supported by improved product affordability and heightened customer traffic.
Output also regained momentum following its subdued showing in January.
February also saw continued job creation, with employment expanding for the ninth consecutive month and at the fastest pace since October 2025.
Firms reported increased hiring to support higher production volumes and meet rising demand.
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In response to stronger new business, companies also stepped up purchasing activity and inventory build-ups to ensure adequate supply chains.
Economists and market analysts interpreted the stronger PMI as evidence that demand conditions and corporate activity were picking up after January’s temporary lull.
Analysts also attributed February’s rebound chiefly to a return in new orders and stronger customer demand, which drove output growth at the fastest pace in four months.
