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According to the latest Stanbic IBTC Bank Nigeria Purchasing Managers Index (PMI) report, headline inflation is expected to further moderate between 14.25 percent and 14.62 percent in November, supported by increased food supply and relative exchange rate stability.
Analysts at Stanbic IBTC Bank have projected that Nigeria’s headline inflation rate will ease to 15.84 percent in October 2025, from 18.02 percent recorded in September, as food prices moderate during the ongoing harvest season.
According to the latest Stanbic IBTC Bank Nigeria Purchasing Managers Index (PMI) report, headline inflation is expected to further moderate between 14.25 percent and 14.62 percent in November, supported by increased food supply and relative exchange rate stability.
Muyiwa Oni, head of equity research for West Africa at Stanbic IBTC Bank, said the moderation in price pressures is being driven by seasonal harvest effects and improved agricultural output.
The report noted that while fuel prices may rise slightly following production challenges at the Dangote Refinery, which supplies up to 40 percent of Nigeria’s domestic petrol, the broader inflation outlook remains positive. Stanbic IBTC expects the naira’s relative stability and a potential monetary policy easing cycle to strengthen real sector activity and support economic growth over the medium term.
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According to the National Bureau of Statistics (NBS), Nigeria’s economy grew by 4.23 percent year-on-year in real terms in the second quarter of 2025 However, the bank forecasts a 4.0 percent GDP growth rate for 2025, with stronger contributions from the manufacturing and services sectors. The PMI survey, conducted between October 9 and 29, showed that business activity expanded at a faster pace.
