The Stanbic IBTC Bank Nigeria PMI fell to 52.7 in May 2025, the lowest in four months, compared to 54.2 in April, showing that although the Nigerian private sector remained in growth territory, there were signs of a slowdown as inflationary pressures remained elevated. Rates of expansion in output and new orders eased while employment dipped for the first time in six months. "Nigeria’s business condition is on course to end Q2:25 on a positive momentum, albeit relatively weaker than witnessed in Q1:25. This is as currency weakness, higher raw material costs, and increased transport prices have been more pronounced than seen in Q1:25. However, as inflation is expected to remain softer compared to the 2024 average, interest rates are likely to be lower this year, thereby helping to support medium-term economic growth path”, Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented.