The Stanbic IBTC Bank Nigeria PMI rose to 54.2 in August 2025 from 54.0 in July, signaling the strongest improvement in business conditions since April 2025. Output and new orders expanded sharply, reaching it’s highest levels in 19 months, driven by stronger customer demand and improved client commitment to new projects. In addition, inventory accumulation increased as firms prepared for future demand, while employment and purchasing activity continued to rise, but at softer rates. On the other hand, manufacturing was the only sector where output stagnated, while firms reduced outstanding business for the first time in five months. On the price front, input cost growth slowed, and output prices rose at the weakest pace in over five years. Overall, business confidence eased slightly but remained positive, underpinned by expectations of higher new orders, branch openings, and marketing initiatives.