Stanbic Ibtc Bank Nigeria PMI - NG Economic Data | Sigmanomics

Nigeria Stanbic IBTC Bank Nigeria PMI

Latest Release

53.2

Actual

Consensus

49.7

Nigeria's Stanbic IBTC Bank Nigeria PMI for January 2026 missed expectations at 49.70, down from 53.50 in December, signaling a contraction in business activity. This sharp decline below the 50 threshold marks a notable shift from expansion to contraction compared to the previous month. The downturn may prompt cautious policy responses and increased market scrutiny on Nigeria's economic outlook. Updated 2/2/26

Stanbic Ibtc Bank Nigeria PMI - NG

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Economic Calendar - NG Events

Monday, March 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
08:45	NG	Stanbic IBTC Bank Nigeria PMI	53.2	49.7	52	51.53	Low
Friday, February 27, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
14:50	NG	GDP Growth Rate YoY	4.07	3.98	4.3	4.19	Low
Tuesday, February 24, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
13:00	NG	Interest Rate Decision	26.5	27	25	25.75	Low
Monday, February 16, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
13:00	NG	Food Inflation YoY	8.89	10.84	10.3	10.03	Low
13:00	NG	Inflation Rate YoY	15.1	15.15	13.3	14.20	Low
Monday, February 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
08:45	NG	Stanbic IBTC Bank Nigeria PMI	49.7	53.5	53.2	52.73	Low
Friday, January 30, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	NG	Foreign Exchange Reserves	46.11	45.45	46	46.14	Low
Thursday, January 15, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
15:00	NG	Food Inflation YoY	10.84	14.21	10.5	10.23	Low
Friday, January 2, 2026			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
08:45	NG	Stanbic IBTC Bank Nigeria PMI	53.5	53.6	54	53.53	Low
Tuesday, December 30, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
09:00	NG	Foreign Exchange Reserves	45.45	44.67	45	45.14	Low
Tuesday, December 16, 2025			Actual	Previous	Consensus	Sigmanomics Rolling-Surprise Forecast	Impact
11:00	NG	Food Inflation YoY	-	13.12	12	11.73	Low
11:00	NG	Inflation Rate YoY	-	16.05	14.5	15.40	Low

Analysis and Forecast

Stanbic IBTC Bank Nigeria PMI Falls Below Expansion Threshold February Report Shows Sharp Contraction in Nigerian Economy The Stanbic IBTC Bank Nigeria PMI, a key gauge of business activity in Nigeria, dropped to 49.70 in February, signaling a contraction for the first time in several months. Fast facts: the index fell from 53.50 in January, missing the 53.20 forecast, and marks the lowest reading since August last year. This decline reflects weakening demand and supply chain disruptions amid tighter monetary policy and subdued consumer spending. According to a leading economist at Morgan Stanley, "The dip below 50 suggests that Nigeria’s manufacturing and services sectors are facing headwinds from inflationary pressures and cautious business sentiment." The data underscores growing concerns about the pace of economic recovery in NG as inflation remains elevated and credit conditions tighten. Market watchers will closely monitor upcoming CPI figures and central bank actions for further clues on growth prospects.