By Aduragbemi Omiyale

The Stanbic IBTC Purchasing Managers’ Index (PMI) for April 2026 stood at 52.4 points compared with the 51.9 points recorded in March 2026, a statement from the lender on Monday revealed.

Though the Nigerian private sector remained in growth territory, it was stunted by higher fuel costs because of the war in Iran, triggered by the United States and Israel, which led to the closure of the Strait of Hormuz. The rising fuel prices have limited expansions in new orders and business activity.

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 organisations 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. When 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.

“The health of Nigeria’s private sector improved in April – remaining above the 50-point 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,” the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, commented.

He further said, “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 per cent y/y in 2026, from 3.87 per cent y/y in 2025.

“We estimate the non-oil sector’s growth at 4.24 per cent y/y in 2026, from 3.71 per cent y/y in 2025, likely driven primarily by services, which we see growing by 5.64 per cent y/y in 2026 (vs 2025: 4.14 per cent 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 per cent y/y (vs 2025: 8.50 per cent y/y), as we now expect crude oil production (including condensates) to average 1.70m bpd, from 1.64m bpd in 2025,” he added.

By Adedap0 Adesanya

Nigerian businessman, Mr Femi Otedola, has dismissed reports suggesting he has a stake and financed the Dangote Petroleum Refinery, describing the allegation as completely false.

The billionaire, who is a close ally of Mr Aliko Dangote, the owner of the $20 billion oil facility, clarified in a statement on Monday that those behind such claims were spreading misinformation and attempting to create division among leading Nigerian business figures.

His clarification came a day after the Dangote Group addressed viral claims suggesting a financing rift between its president, Mr Dangote, and fellow businessman, Mr Tony Elumelu.

He wrote, “Let’s set the record straight. Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”

He added that, “The real story, which those peddling these lies conveniently ignore, is that Mr Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”

Mr Otedola further explained that Mr Dangote did not request financial support from Mr Elumelu, Mr Mike Adenuga, or himself, a statement that aligns with a clarification issued by the Dangote Group’s Chief Branding and Communications Officer, Mr Anthony Chiejina.

The company also warned individuals, organisations, and platforms involved in creating, publishing, or disseminating such false content to desist immediately.

Mr Otedola said, “I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga and me. The Dangote Group is a well-structured organisation that is well-versed in raising structured capital for its operations.

“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership. These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”

“To those behind this: desist immediately.. And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information,” Mr Otedola warned.

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