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Business Activity Continues to Rise, but Higher Fuel Costs Limits Growth- Stanbic IBTC PMI Report

InvestAdvocate — Mon, 04 May 2026 22:17:54 +0000

Image Credit: dw.com

May 4, 2026/P+ Measurement Services

The Nigerian private sector remained in growth territory at the start of the second quarter of the year as customer numbers and market demand continued to strengthen. That said, the impacts of higher fuel costs as a result of the war in the Middle East were felt again, pushing up prices and reportedly limiting expansions in new orders and business activity. The headline figure derived from the survey is the Stanbic IBTC 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. The headline PMI ticked up to 52.4 in April from 51.9 in March, above the 50.0 no-change mark for the third month running and signalling a solid strengthening in the health of the private sector. The rate of improvement was slightly greater than that seen in the previous survey period.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “The health of Nigeria’s private sector improved in April – remaining above the 50-points growth threshold for the third consecutive month – as new orders increased in line with higher customer numbers and rising demand even as price pressures remain prevalent. Accordingly, the headline PMI increased to 52.4 points in April from 51.9 points seen in March. Despite the improvement in new orders, we understand that lingering inflationary pressures limited the pace of expansion. Notably, companies increased their selling prices in April to the highest level since December 2024 in response to rising fuel and raw material costs. Staff costs also increased modestly as some companies increased their staff pay so as to help them with increasing transportation fares. Business expectations also improved in April compared to March as businesses plan to expand their operations through the opening of new branches, stock building, and entry into new markets.

“The improved start of the second quarter of the year by Nigerian businesses continues to support our view of improved growth expectations in 2026 relative to 2025. Hence, we still maintain our expectation that the Nigerian economy is likely to grow by 4.22% y/y in 2026, from 3.87% y/y in 2025. We estimate the non-oil sector’s growth at 4.24% y/y in 2026, from 3.71% y/y in 2025, likely driven primarily by services, which we see growing by 5.64% y/y in 2026 (vs 2025: 4.14% y/y). The government’s continuous investment attraction across oil & gas, solid minerals, electricity, agriculture and general manufacturing should continue to support sentiment on production activity. However, the oil sector’s growth is likely to moderate to 3.01% y/y (vs 2025: 8.50% y/y), as we now expect crude oil production (including condensates) to average 1.70m bpd, from 1.64m bpd in 2025.”

Improving demand conditions meant that new orders continued to rise, albeit with the rate of growth softening amid inflationary pressures. Business activity also increased, and at a solid pace that was slightly faster than that seen in March. Here too, however, companies mentioned that rising prices had limited the pace of growth. Activity rose in three of the four monitored sectors, the exception being services. Anecdotal evidence suggested that prices were often driven higher by increased fuel costs due to the war in the Middle East. Purchase prices increased rapidly, with the rate of inflation little-changed from March’s 15-month high. Meanwhile, staff costs rose modestly as companies in some cases increased pay to help workers deal with higher transportation fares. The pass through of increased input costs to customers resulted in a further sharp rise in output prices, with the rate of inflation quickening to the fastest since December 2024.

Companies took on extra staff in April in response to rising workloads, but the rate of job creation was only marginal and the softest in three months. Some firms reported that staff shortages had been behind the latest accumulation of backlogs of work, while others cited customer payment delays and issues securing raw materials. Outstanding business increased for the third consecutive month in April.

Further efforts were made to secure materials, with purchasing activity increasing for the seventeenth month running in April. Stocks of purchases also rose amid improving customer demand, and at a marked pace that was the sharpest in five months. Where companies placed orders for materials, they often made sure to pay on time in order to secure deliveries. As a result, supplier lead times shortened again, albeit to the least extent in 2026 so far.

Business sentiment ticked higher in April, with companies often citing plans to expand operations. Half of all respondents predicted that their output will increase over the next 12 months.

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Canada–Africa: Shaping Global Business Strategy

InvestAdvocate — Thu, 30 Apr 2026 00:26:09 +0000

Image Credit: Canada-Africa Chamber of Business

This timely Forum comes on the heels of commitments announced by Canadian Prime Minister Mark Carney, deepening Canada–Africa commercial ties and expanding investment partnerships

April 29, 2026/Canada-Africa Chamber of Business

The Canada–Africa Chamber of Business will convene investors, financiers, policymakers, and industry leaders in Cape Town on May 14, 2026 for the Canada–Africa Financing Forum—a high-level platform focused on unlocking capital and accelerating deal flow across African markets.

Registration is open (http://apo-opa.co/4vZN6oV)

This timely Forum comes on the heels of commitments announced by Canadian Prime Minister Mark Carney, deepening Canada–Africa commercial ties and expanding investment partnerships. The program connects leaders from venture capital, private equity, and institutional investors to examine where capital is moving—and where the next opportunities lie—supported by Canadian project partners with proven capacity to deliver on-the-ground.

Delegates will engage directly with finance and investment decision-makers, following the program opening, featuring messages from President Cyril Ramaphosa and Prime Minister Mark Carney, in addition to high-level Ministerial representation.

“This Forum is about capital deployment, not just conversation,” said Garreth Bloor, President of the Canada–Africa Chamber of Business. “We are convening investors, institutions, and project leaders who are actively shaping transactions across Africa—and connecting them directly with Canadian partners who are ready to work together.”

The Canada–Africa Financing Forum reflects the Chamber’s role as a privately financed, market-led platform advancing Canada-Africa trade and investment through world-class networking and information-sharing events.

Why Attend

Direct access to active dealmakers and capital allocators
Insights into where capital is being deployed and key players delivering major projects
Opportunities to build partnerships across Canada and African markets
Participation in a curated, high-level environment focused on execution

Secure Your Place

Space is limited and demand is strong.

Apply to secure your place (http://apo-opa.co/4vXb9oz)

Read More and View the Program (http://apo-opa.co/4vZN6oV)

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Islamic Finance Powers Green SMEs

InvestAdvocate — Thu, 23 Apr 2026 16:26:50 +0000

Image Credit: ICD

It will support financing across a broad range of sustainability-related areas

April 23, 2026/ICD

The United Nations Development Programme (UNDP), has signed a Joint Statement of Intent with the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) —both members of the Islamic Development Bank (IsDB) Group—introducing a new blended finance structure that leverages credit insurance to catalyze private investment in climate-smart sectors.

This partnership will unlock capital for green small and medium-sized enterprises (SMEs) and support national efforts to achieve climate and sustainable development goals across the Arab States region. It will support financing across a broad range of sustainability-related areas, including climate change mitigation and energy transition, climate adaptation and resilience, sustainable water usage and governance, circular economy and management, sustainable agriculture and food systems and other green finance sectors.

“Across our region, SMEs are the backbone of economies and helping them grow and innovate is critical to strengthening economic resilience and climate ambition,” said Abdallah Al Dardari, UN Assistant Secretary General and Director of UNDP’s Regional Bureau for Arab States. “Through this new partnership we will work closely with regional financial institutions to expand SMEs access to green finance, to accelerate inclusive, climate-resilient development in line with UNDP’s flagship Green Finance Platform.”

In countries benefiting from the new partnership, ICD will provide financing facilities to partner banks and financial institutions while ICIEC will offer comprehensive credit insurance and risk-sharing solutions to encourage financial institutions to expand financing to green sectors, in addition to leveraging reinsurance partnerships to enhance the facility’s capacity and long-term sustainability.

“By uniting ICIEC’s risk mitigation, ICD’s financing, and UNDP’s development network, we are creating a scalable engine for green private sector growth,” stressed Mohammad Asheque Moyeed, Acting Director, Banking Department at ICD. “This partnership is our shared commitment to building a more inclusive and sustainable future for SMEs across our member countries.”

“Our role in this partnership is to unlock capital for the SMEs driving a greener, more diversified economy,” explained Yasser Alaki, Director of Business Development, ICIEC. “Through our credit insurance solutions, ICIEC provides the essential risk assurance that enables financial institutions to confidently channel financing toward this vital growth sector.”

Serving as a convener of the partnership, UNDP will facilitate linkages between financial institutions and SMEs engaged in its programmes and will coordinate joint efforts to mobilize resources to lower the cost of risk-sharing mechanisms.

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