When the numbers say yes but the streets still say no

If you took a tricycle through Shomolu-Bariga this week, the pulse of Lagos’ printing-press industry or walked through the dense crowds at Balogun Market, it would be difficult to claim that Nigeria’s private sector is in a growth phase. Yet, that is precisely what the data suggests.

According to the latest Purchasing Managers’ Index (PMI) compiled by Stanbic IBTC Bank and S&P Global, business activity expanded in July 2025, rising to 54.0, its highest level in three months. The P