The Stanbic IBTC Bank Nigeria PMI rose to 54 in October 2025 from 53.4 in September, marking the eleventh consecutive month of expansion and indicating a stronger improvement in business conditions. Output growth reached a six-month high, driven by stronger new orders, new product launches, and easing inflation. Employment expanded for the fifth consecutive month, although the pace of job creation remained modest. Firms also increased purchasing activity and input inventories in anticipation of further growth, while supplier delivery times continued to shorten. On the price front, input cost inflation edged higher amid faster increases in both purchase and staff costs. Meanwhile, output prices rose at the second-slowest pace in five and a half years, reflecting limited pass-through of costs to customers.