Nigeria's Economy Sends Mixed Signals as Oil Exports Boosted

The Nigerian economy saw some mixed signals in July, according to the latest PMI data from Stanbic IBTC Bank. The Purchasing Managers' Index contracted to 52.5 points from 53.4 points in June, marking its slowest pace since March 2026.

This occurred despite a sustained growth environment and increased new orders, which were helped by better pricing and product launches. However, panellists reported higher costs for fuel and raw materials, leading to softer selling prices.

The inflation picture was also mixed, with headline inflation easing slightly to 15.91 per cent year-on-year in June from 15.93 per cent in May. Despite this, July inflation is expected to print lower at 15.72 per cent year-on-year due to favourable base effects.

In the oil sector, Sahara Upstream ramped up exports with a new tanker, which will help cut turnaround times and support a planned 50 per cent increase in exports from OML 18's current level of about 950,000 barrels per month. Aradel Holdings Plc also reported significant growth in its earnings for H1 2026, driven by higher production volumes and stronger crude prices.