Business confidence grows as reforms bear fruit

Business confidence in the Nigerian economy is growing, thanks to the federal government reforms which are already yielding positive results. A recent Stanbic IBTC PMI survey shows that the Purchasing Manager's Index (PMI) rose to 54.5 in January 2025 from 52.7 in December 2024, above the 50.0 mark, signalling a strong improvement in the performance of the private sector. “Nigeria’s private sector activity sustained its improvement in January 2025, albeit lower than levels seen in December 2024,” according to Muyiwa Oni, head of Equity Re