Growth was maintained in the Nigerian private sector during July as firms again signalled a marked increase in new orders during the month. In turn, output and employment also rose, albeit modestly. Meanwhile, inflationary pressures softened.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. Stanbic IBTC Bank Nigeria PMI Index, sa, >50 = improvement m/m. Dots = long-run average since January 2014. 60 55 50 45 40 35 16 17 18 19 Data were collected 9-29 July 2026. 20 21 22 23 Sources: Stanbic IBTC Bank, S&P Global PMI. ©2026 S&P Global.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Nigerian businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand. These factors helped to keep the private sector activity in an expansionary territory, although this moderated when compared to June. Notably, the headline PMI settled at 52.5 points in July after the 53.4 points recorded in June, presenting the slowest since March 2026. Businesses also increased their input purchasing activity, linking this to efforts to keep up with current demand requirements and prepare for future workloads.

While input costs increased at their slowest pace in five months, panelists reported higher costs for fuel and raw materials. Selling prices also softened in line with the picture for input costs in July. Headline inflation eased slightly to 15.91% y/y in June from 15.93% y/y in May, snapping three consecutive months of price increases. Although July inflation is likely to be higher m/m, we expect inflation y/y to print lower, likely at 15.72% y/y primarily driven by favourable base effects from the corresponding period of last year, because we do not expect to see the magnitude of m/m inflation witnessed in July 2025 (1.99%) to materialize this year.

We retain our 2026 growth forecasts at 4.1% as we see the oil sector growing by 3.45% y/y in 2026, from 8.50% y/y in 2025, while the non-oil sector is likely to grow by 4.11% y/y, from 3.71% y/y in 2025. The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertilizer prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows.”

The headline PMI registered 52.5 in July, down from 53.4 in June but still above the 50.0 no-change mark and signalling Comment 24 25 26 a sixth successive monthly strengthening in the health of the private sector. The latest improvement in business conditions was solid, albeit the least pronounced in three months.

Companies signalled a further marked increase in new business in July, extending the current sequence of growth to six months. According to respondents, the launch of new products and competitive pricing had helped them to secure new orders, while general improvements in customer demand were also mentioned.

Improving demand conditions supported a further increase in business activity, albeit one that was only modest and the slowest since January. The agriculture and manufacturing sectors posted sharp rises in output, with growth more modest in the services and wholesale & retail categories. A modest increase in employment was also recorded in July as companies responded to higher output requirements. Here, the pace of growth eased to a three-month low.

As well as raising staffing levels, purchasing activity was also expanded as firms made efforts to keep on top of workloads. Planning for future output requirements was also a factor behind a further marked increase in input buying, with inventories up accordingly.

Despite efforts to expand capacity and keep on top of workloads, logistical issues in some cases prevented projects being completed on time and backlogs of work rose slightly again in July. Supplier performance did improve at the start of the third quarter, however, following a first lengthening of lead times in a year in the previous survey period. Inflationary pressures softened in July, with both input costs and output prices rising at weaker rates than in June. Purchase cost inflation slowed particularly sharply, easing to the lowest in five months. Purchase prices continued to rise at a marked pace, however, due to higher costs for fuel and raw materials. Meanwhile, staff costs increased modestly, and at the softest rate since April.

In line with the picture for purchase prices, Nigerian companies increased their own charges at the weakest pace since February. The agriculture sector posted the fastest rise in selling prices in July, with the slowest pace of inflation in services.

Companies remained optimistic that output will rise over the coming year, with just under half of respondents expressing a positive outlook. Confidence reflected enhanced marketing strategies and planned business expansions such as the opening of new branches. Sentiment dipped from June’s one-year high, however.

L-R:  Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; David Isiavwe, President, ISSAN) and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday. 

The Central Bank of Nigeria (CBN) says the next stage of fintech development in Nigeria must focus on five important outcomes to achieve sustainable growth of the initiative.

Mr. Yemi Cardoso, Governor, Central Bank of Nigeria (CBN) said in a goodwill message at the 3^rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos that Nigeria’s fintech development must deliver digital financial services that are reliable, secure, fair and accessible.

Cardoso, who was represented by Dr. Rakiya Yusuf, Director, Payments System Supervision, added that Nigerians should be able to transact with confidence, including during periods of high demand.

“Charges should be clear, complaints resolved promptly and failed transactions addressed without unnecessary hardship to customers, Cybersecurity and fraud prevention must remain a shared responsibility, institutions must continually invest in secure technology, effective controls and practical customer education.”

Mr. Babatunde Ajiboye, Assistant Director at CBN, who stood in for Yusuf, said another major strategy is to ensure that “competition must also remain open and fair, with qualified participants having equal access to essential payment infrastructure.”

The apex bank said it cannot achieve these strategies alone, saying that banks, fintech companies, mobile money operators, switches, processors, telecom companies, consumer groups and government institutions all have important roles to play to realise the outcomes.

Looking ahead, the CBN said:

“The future of Nigeria’s digital financial ecosystem is promising. Our population is young, entrepreneurial and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation. With appropriate regulation, responsible conduct and sustained investment, Nigeria can build a digital financial system that serves as a model for Africa and the wider world.”

The CBN governor promised that the apex bank will continue to support innovation that solves real problems, expands access and strengthens the economy.

“We will also continue to act where market conduct, concentration, weak governance or operational risks threaten customers or the stability of the system. Our message is simple: innovation welcome, fair competition is essential and public trust must remain at the centre of everything we do.”

He commended the Business Journal Media Group for organising the Roundtable and encouraged participants to engage openly and develop practical recommendations that will advance a safer, fairer and more inclusive digital financial ecosystem in Nigeria.

L-R:  Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; David Isiavwe, President, ISSAN) and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday. 

Stakeholders in Nigeria’s financial technology ecosystem have called for smarter regulation, stronger cybersecurity, improved digital infrastructure and deeper collaboration and building trust among public and private sector players to accelerate financial inclusion and position Nigeria as Africa’s leading digital financial hub.

The call was made at the 3rd Business Journal Fintech and Financial Inclusion Roundtable 2026, held on Friday in Lagos, where regulators, industry leaders and technology experts agreed that while Nigeria has recorded remarkable success in digital payments, greater efforts are needed to expand access to credit, insurance, pensions and other financial services for millions of underserved Nigerians.

Delivering the keynote address on “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria,” Director-General and Chief Executive Officer of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, described Financial Technology (Fintech) as one of the country’s strongest drivers of economic transformation, saying Nigeria possesses the demographic and entrepreneurial advantages required to dominate Africa’s digital finance landscape.

She noted that fintech innovations have transformed financial inclusion, SME financing, digital payments, government revenue generation and cross-border trade, stressing that the country’s challenge is no longer whether fintech will shape the future, but whether Nigeria can create the right environment to lead the continent’s digital financial revolution.

According to her, Nigeria processed ₦1.07 quadrillion in instant payments in 2024, representing a 79.6 per cent increase from the previous year, while electronic transactions exceeded an estimated ₦2 quadrillion during the first half of 2025.

She added that formal financial inclusion has risen to 64 per cent, compared with 56 per cent in 2020, although about 28.8 million Nigerian adults remain excluded from the formal financial system.

Almona identified fintech firms such as OPay and PalmPay as major drivers of agency banking and financial inclusion, noting that their combined customer base now exceeds 90 million registered users, helping to extend financial services to communities beyond the reach of conventional banking infrastructure.

Despite the progress, she warned that significant gaps remain in access to savings, credit, insurance and pension products, particularly in rural communities and northern Nigeria.

“The future belongs to ecosystems that innovate responsibly,” she said, adding that financial inclusion should evolve beyond account ownership to genuine financial empowerment for individuals and businesses.

She identified artificial intelligence, blockchain, open banking, embedded finance, cloud computing, biometrics and digital identity as technologies that will shape the next phase of financial innovation.

Almona, however, listed poor infrastructure, inconsistent broadband access, unreliable electricity, multiple regulatory touchpoints, cybersecurity threats, digital fraud, inadequate funding for innovation and low digital literacy as key challenges confronting the sector.

She urged policymakers to strengthen the National Financial Inclusion Strategy with measurable sub-national targets, accelerate implementation of open banking and API standardisation, expand digital infrastructure and encourage greater investment in credit, insurance technology and pension technology.

Chairman of the occasion and Group Chairman of the Nigeria Exchange Group (NGX Group), Dr. Umaru Kwairanga, underscored the pivotal role of Fintech in transforming Nigeria’s financial services industry, saying the sector can no longer thrive without technological innovation. He noted that Fintech has become central to improving operational efficiency, service delivery and customer experience across the insurance, banking, pension and capital market sectors.

He commended Business Journal Media Group for organising the Fintech and Financial Inclusion Roundtable, describing the platform as critical to Nigeria’s economic future. According to him, such engagements provide stakeholders with the opportunity to collectively assess the direction of the country’s financial ecosystem and explore opportunities for sustainable growth.

Kwairanga described the theme of this year’s edition, “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria,” as timely and significant, noting that technology is not only simplifying the delivery of financial services but also reshaping economic growth, improving access to capital for businesses and expanding participation in economic activities.

He added that countries making the greatest progress in digital finance are those that have embraced technology to strengthen their financial architecture, improve efficiency and broaden financial inclusion, stressing that Nigeria must continue to leverage innovation to build a more resilient and inclusive financial ecosystem.

Speaking at the event, Director of Payments System Supervision Department, Central Bank of Nigeria (CBN), Dr. Rakiya Opemi Yusuf, said financial inclusion goes beyond opening bank accounts or downloading applications.

Dr. Yusuf who was represented at the event by Mr. Babatunde Ajiboye, Assistant Director, CBN, stressed that consumers must enjoy reliable, affordable and secure financial services backed by prompt resolution of failed transactions and strong protection of personal information.

According to Yusuf, the CBN remains committed to maintaining a balance between encouraging innovation and protecting consumers.

She said the apex bank has continued to strengthen the regulatory framework by licensing new categories of operators, supporting digital payment channels and promoting fair competition across the payments ecosystem.

The CBN official disclosed that the Bank has introduced new market structure requirements to prevent excessive market concentration and ensure no operator gains unfair competitive advantage.

She also highlighted the regulator’s emphasis on beneficial ownership transparency and local storage of payment transaction data to enhance data protection and regulatory oversight.

“Our message is simple: innovation is welcome; fair competition is essential; and public trust must remain at the centre of everything we do,” Yusuf said.

In his goodwill message, President of the Information Security Society of Africa-Nigeria (ISSAN), Dr. David Isiavwe, warned that the rapid expansion of Nigeria’s digital financial ecosystem has also increased exposure to cyber threats.

He described cybersecurity as the foundation of sustainable financial inclusion, noting that trust remains the most critical asset in digital finance.

Isiavwe advocated proactive security architecture, stronger regulatory collaboration among agencies including the CBN, Nigerian Communication Commission (NCC), National Insurance Commission (NAICOM) and National Information Technology Development Agency (NITDA), as well as continuous capacity building for cybersecurity professionals.

He reaffirmed ISSAN’s commitment to working with fintech companies, banks, telecommunications operators and regulators to ensure that Nigeria’s digital financial future remains innovative, inclusive and secure.

Earlier in his Opening Remarks, Managing Director and Editor-in-Chief of Business Journal Media Group, Prince Cookey, said Nigeria’s fintech success stories, including Moniepoint, OPay, PalmPay and Flutterwave, have transformed access to financial services and accelerated financial inclusion.

He noted that fintech companies have fundamentally changed Nigeria’s financial services landscape by introducing faster, cheaper and more accessible digital payment, lending and investment solutions while compelling traditional banks to embrace digital transformation.

Cookey said the roundtable was convened to examine how fintech can further deepen financial inclusion, strengthen economic growth and prepare the sector for the opportunities and challenges of the next decade.

Participants at the event agreed that while Nigeria has successfully built one of Africa’s most vibrant digital payments ecosystems, the next phase of growth will depend on expanding access to affordable credit, insurance and pension services, strengthening cybersecurity, improving digital infrastructure and sustaining regulatory reforms capable of positioning Nigeria as Africa’s foremost digital financial ecosystem.

Ecobank Nigeria has launched Scaling Up!!!, its flagship business storytelling podcast designed to inspire, educate and empower entrepreneurs, founders, business leaders and the next generation of African innovators through authentic conversations with some of the continent’s most accomplished business personalities.

The podcast, which will be available on Ecobank Nigeria’s official YouTube channel and other major digital streaming platforms, reinforces the Bank’s commitment to supporting businesses beyond banking by creating a platform where entrepreneurs can learn from the experiences of successful founders, creatives and industry leaders who have built thriving enterprises across diverse sectors.

Featuring compelling conversations on entrepreneurship, leadership, innovation, resilience and business growth, Scaling Up!!! offers practical lessons and real-life insights that aspiring and established entrepreneurs can apply in building sustainable businesses.

The inaugural season features an impressive lineup of distinguished guests, including beauty entrepreneur and Founder/CEO of Beauty by AD, Adeola Adeyemi (Diiadem); renowned filmmaker and Founder of Golden Effects Pictures, Kunle Afolayan; veteran music producer and Founder of Coded Tunes, ID Cabasa; luxury fashion entrepreneur Ejiro Amos Tafiri; celebrated commercial photographer Emmanuel Oyeleke; Co-founder and Lead Interior Designer of Siriano Limited, Adewunmi Adegbola; and Founder of Windsor Gallery and Nahous Creative Hub, Richard Vedelago.

Each episode explores the guests’ entrepreneurial journeys, highlighting the opportunities they embraced, the challenges they overcame and the strategies that enabled them to build enduring brands and successful businesses.

Speaking on the launch, Head, Marketing & Corporate Communications, Ecobank Nigeria, Austen Osokpor, said: “Scaling Up!!! reflects Ecobank’s belief that empowering entrepreneurs goes beyond providing financial solutions. Through authentic storytelling and insightful conversations, we are creating a platform where business owners can learn directly from people who have successfully navigated the realities of building sustainable enterprises. It is another way we are reinforcing our commitment to driving entrepreneurship, innovation and economic growth across Africa.”

Also speaking, Head, SMEs, Partnerships & Collaborations, Ecobank Nigeria, Omoboye Odu, said: “Entrepreneurs learn best from the experiences of those who have walked the journey before them. Scaling Up!!! provides practical insights, inspiration and valuable lessons that will help founders make better business decisions, overcome challenges and unlock new opportunities for growth. The podcast further strengthens Ecobank’s role as a trusted partner supporting SMEs at every stage of their entrepreneurial journey.”

Sharing the creative vision behind the initiative, the Producer of Scaling Up !!!, Jemimah Ugiagbe said: “Our goal was to create more than just another business podcast. We wanted honest, engaging and relatable conversations that reveal the realities behind success, the setbacks, the resilience, the bold decisions, and the lessons that every entrepreneur can learn from. Every episode is designed to leave listeners informed, inspired and motivated to build businesses that create lasting impact.”

The podcast further strengthens Ecobank Nigeria’s position as a trusted partner for entrepreneurs by providing a knowledge-sharing platform that extends beyond traditional banking services. Through meaningful conversations with accomplished founders and innovators, the Bank continues to demonstrate its commitment to fostering enterprise development, encouraging innovation and promoting sustainable economic growth across Africa.

Scaling Up!!! is targeted at SMEs, entrepreneurs, founders, startups, business executives, creatives, students and young professionals seeking practical business insights from some of Africa’s most respected industry leaders.

New episodes will be released regularly across Ecobank Nigeria’s YouTube channel and other major podcast streaming platforms, offering audiences thought-provoking conversations on entrepreneurship, leadership, innovation and business growth.

About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai.

With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services.

The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).

A high-level fireside dialogue between the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum taking place at the CBN Headquarters, Abuja on Wednesday, July 29 and Thursday, July 30, 2026.

Hosted by the Central Bank of Nigeria (CBN) in collaboration with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), the 7th Africa Emerging Markets Forum will convene senior policymakers, central bankers, ministers, development partners, private-sector leaders and leading economists from Africa and around the world to examine practical policy responses to an increasingly uncertain global economic environment.

Held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the 7th Africa Emerging Markets Forum will be headlined by the Cardoso–Okonjo-Iweala fireside dialogue, which will explore how African economies can build resilience, sustain reform momentum, deepen regional integration and unlock long-term growth amid an increasingly fragmented global economy.

The 7th Africa Emerging Markets Forum will also feature ministerial keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr. Kingsley Udeh, underscoring the importance of coordinated fiscal, monetary and innovation policies in advancing Africa’s economic transformation and long-term resilience.

Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University; alongside senior policymakers, academics, development partners and business leaders from across Africa and beyond.

Over two days, participants will examine a wide range of issues critical to the future of emerging markets, including macroeconomic stability, regional economic integration, cross-border payments, financial technology, infrastructure, foreign direct investment, technology transfer, artificial intelligence, and the interconnected challenges of food price volatility, inflation and monetary policy transmission in fragile and post-crisis economies.

According to the organisers, the 7th Africa Emerging Markets Forum aims to foster open dialogue on issues of strategic importance to emerging markets and developing economies while identifying practical policy solutions that can be adapted to the unique circumstances of individual countries.

The Forum underscores the shared commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, advancing evidence-based policymaking and promoting innovative solutions that enhance Africa’s resilience and support sustainable, inclusive economic growth.

Stanbic IBTC, a member of Standard Bank Group, was named winner in four categories at the Euromoney Awards for Excellence 2026: Best Bank for Sustainable Finance, Best Bank for Consumer Lending, Best Bank for Mortgages/Home Loans and Best Bank for Securities Services.

The Euromoney Awards for Excellence include categories across global and regional financial markets.

Commenting on the awards, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said: “We are pleased to have been named winner in these categories at the Euromoney Awards for Excellence 2026. These are important areas of our business and remain central to how we support individuals, businesses and institutional clients across Nigeria.”

“Our focus remains on delivering reliable, relevant and responsible financial solutions, while serving our clients with the discipline, professionalism and care they expect from Stanbic IBTC” he added.

Also commenting, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said: “Across our business, we continue to focus on solutions that respond to the needs of our clients, whether they are individuals, families, businesses or institutions. We will continue to strengthen our service delivery, deepen client relationships and support responsible growth across the markets we serve.”

In its publicly reported 2025 performance, Stanbic IBTC showed continued scale across its financial services business. The Group reported total assets of ₦8.62 trillion, customer deposits of ₦4.37 trillion and net customer loans and advances of ₦2.38 trillion for the 2025 financial year. Total income stood at ₦895.7 billion, while return on equity was reported at 42.4%.

Stanbic IBTC’s sustainability disclosures also showed continued activity across its ESG and positive impact priorities. The Group reported ₦277.3 billion in sustainable loans disbursed, representing a 60% increase from 2024; and ₦76.4 billion in loans disbursed to 2,862 SME clients for the year ended 2025.

The Group’s sustainability approach is anchored on three high impact goals: driving sustainable industrialisation; facilitating sustainable trade; and fostering equitable access to finance. It also identifies four positive impact areas: job creation and enterprise growth; infrastructure development and energy transition; climate change mitigation and adaptation; and financial inclusion.

Across consumer lending and home loans, Stanbic IBTC continues to provide financing solutions to individuals and households, supported by the Group’s broader banking platform and customer-focused approach.

In securities services, Stanbic IBTC continues to provide custody, settlement, corporate actions, securities lending, reporting, reconciliation, foreign exchange processing and related investor services to institutional clients participating in Nigeria’s capital markets.

Stanbic IBTC continues to support individuals, businesses and institutional clients across sustainable finance, consumer lending, mortgages/home loans and securities services; while remaining focused on delivering financial solutions that are relevant to clients and responsive to the operating environment.