> ## Content Index > Fetch the complete content index at: https://www.blackexecutivebrief.com/llms.txt > Use this file to discover other available public pages before exploring further. # Stanbic IBTC Nigeria PMI Eases To 55.7 In October As Fuel Costs Lift Selling Prices - URL: https://www.blackexecutivebrief.com/stanbic-ibtc-nigeria-pmi-eases-to-55-7-in-october-as-fuel-costs-lift-selling-prices/ - Published: 2026-11-02T18:37:59.000Z - Updated: 2026-11-04T01:22:02.000Z - Description: Stanbic IBTC Bank's Nigeria PMI slipped to 55.7 in October from 56.4, a ninth month of expansion, as higher fuel costs pushed purchase and selling prices up. The Black Executive Journal — Daily Edition - Author: BEB Editors - Tags: The Pulse BEJ Intelligence · Companies in this story BEJ Intelligence [Stanbic IBTC Holdings](https://desk.blackexecutivebrief.com/company/stanbic-ibtc-holdings?ref=blackexecutivebrief.com) Bank · Lagos, Nigeria · NGX: STANBIC **0**SEC filings, 90 days**26**news items, 30 days #### In the news - [Tinubu’s economic reforms have favoured the rich, worsened poverty – Atedo Peterside](https://nairametrics.com/2026/11/03/tinubus-economic-reforms-have-favoured-the-rich-worsened-poverty-atedo-peterside/?ref=blackexecutivebrief.com)Nairametrics · Nov 3, 2026 - [Nigeria Business Activity Eases to 55.7](https://www.riotimesonline.com/nigeria-stanbic-ibtc-pmi-october-2026/?ref=blackexecutivebrief.com)The Rio Times · Nov 2, 2026 [Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/stanbic-ibtc-holdings?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets BEJ Intelligence · The Six [Nigeria: economic snapshot](https://six.blackexecutivebrief.com/country/nigeria?ref=blackexecutivebrief.com) African Union Region 2: West Africa **51**Macro Pulse, of 100 - GDP**$387B**IMF · 2026 - Real GDP growth**4.2%**IMF · 2026 - Inflation**14.6%**Central Bank of Nigeria · Sep 2026 - Policy rate**23.00%**Central Bank of Nigeria · Sep 2029 - Public debt / GDP**34.6%**IMF · 2026 [Nigeria on The Six →](https://six.blackexecutivebrief.com/country/nigeria?ref=blackexecutivebrief.com)Latest reported figures with their source and period BEJ Intelligence [MTN Nigeria Communications](https://desk.blackexecutivebrief.com/company/mtn-nigeria-communications?ref=blackexecutivebrief.com) Public company · Lagos, Nigeria · NGX: MTNN **0**SEC filings, 90 days**35**news items, 30 days #### In the news - [MTN shares outperform Eurobonds, treasury bills with 9.9% dollar returns](https://businessday.ng/business-economy/article/mtn-shares-outperform-eurobonds-treasury-bills-with-9-9-dollar-returns/?ref=blackexecutivebrief.com)BusinessDay · Nov 3, 2026 - [MTN Nigeria takes ‘Data on Trial’ consumer engagement campaign to Abuja](https://techreviewafrica.com/news/8091/mtn-nigeria-takes-data-on-trial-consumer-engagement-campaign-to-abuja?ref=blackexecutivebrief.com)TechReviewAfrica · Nov 3, 2026 [Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/mtn-nigeria-communications?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets BEJ Intelligence [MTN Group](https://desk.blackexecutivebrief.com/company/mtn-group?ref=blackexecutivebrief.com) Public company · Johannesburg, South Africa · JSE: MTN · Led by Ralph Mupita (CEO) **0**SEC filings, 90 days**12**news items, 30 days #### Latest SEC filings - [MTN GROUP LTD/ADR](https://www.sec.gov/Archives/edgar/data/1163420/000119380526000955/0001193805-26-000955-index.htm?ref=blackexecutivebrief.com)F-6 · Jul 10, 2026 #### In the news - [MTN Group President & CEO reinforces commitment to digital infrastructure](https://thebftonline.com/article/mtn-group-president-ceo-reinforces-commitment-to-digital-infrastructure?ref=blackexecutivebrief.com)B&FT Online · Oct 29, 2026 - [MTN Group Fintech CEO visits Zambia to explore digital payments and financial inclusion](https://techreviewafrica.com/news/8003/mtn-group-fintech-ceo-visits-zambia-to-explore-digital-payments-and-financial-inclusion?ref=blackexecutivebrief.com)TechReviewAfrica · Oct 28, 2026 - [MTN Group Reaffirms Commitment to Ghana’s Digital Sovereignty](https://techafricanews.com/2026/10/28/mtn-group-reaffirms-commitment-ghana-digital-sovereignty/?ref=blackexecutivebrief.com)TechAfrica News · Oct 28, 2026 - [MTN CEO Ralph Mupita Meets Ghana Officials on 5G and Digital Inclusion](https://techafricanews.com/2026/10/28/mtn-ceo-ralph-mupita-ghana-officials-5g-digital-inclusion/?ref=blackexecutivebrief.com)TechAfrica News · Oct 28, 2026 [Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/mtn-group?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets BEJ Intelligence [Central Bank of Nigeria](https://desk.blackexecutivebrief.com/company/central-bank-of-nigeria?ref=blackexecutivebrief.com) Central bank · Abuja, Nigeria **1**SEC filings, 90 days**119**news items, 30 days #### Latest SEC filings - 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**The** [**Stanbic IBTC**](https://desk.blackexecutivebrief.com/company/stanbic-ibtc-holdings?ref=blackexecutivebrief.com) **Bank Nigeria PMI fell to 55.7 in October from 56.4 in September**, its ninth straight month above 50 ([Stanbic IBTC Bank / S&P Global — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com)). - **Higher fuel costs drove sharper rises in both purchase costs and selling prices**, while job creation stayed weak as firms worked at full capacity ([Stanbic IBTC Bank / S&P Global — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com)). - **The US ISM Manufacturing PMI rose to 55.5% in October from 54.5%.** The Production Index reached **59%**, its highest since November 2021 ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). - **The ISM Prices Index held at 75.2%.** Pricing volatility appeared in **62%** of negative respondent comments, and the Iran war in **21%** ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). - **Cross-border fintech Grey has received an International Money Transfer Operator licence from the** [**Central Bank of Nigeria**](https://desk.blackexecutivebrief.com/company/central-bank-of-nigeria?ref=blackexecutivebrief.com), joining a field that numbered **108** approved IMTOs in 2025 ([Condia — Nov 2, 2026](https://thecondia.com/grey-secures-imto-licence-cbn/?ref=blackexecutivebrief.com)). - [**MTN Nigeria**](https://desk.blackexecutivebrief.com/company/mtn-nigeria-communications?ref=blackexecutivebrief.com)**'s fintech revenue fell 25.91% to ₦97.5 billion** in the nine months to September as MoMo moved to a new Alipay+ platform ([TechCabal — Nov 2, 2026](https://techcabal.com/2026/11/02/mtn-momo-alipay-fintech-revenue-q3-2026/?ref=blackexecutivebrief.com)). - **The Caribbean Development Bank has put more than US$700,000 into five Commonwealth events in Antigua and Barbuda**, and is using CHOGM to promote guarantees and risk-sharing for small states ([Caribbean Development Bank — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com)). --- # STORIES THAT MATTER --- ## NIGERIA — Stanbic IBTC Nigeria PMI Eases To 55.7 As Fuel Costs Push Up Prices The **Stanbic IBTC Bank Nigeria Purchasing Managers' Index** fell to **55.7** in October from **56.4** in September, Stanbic IBTC Bank and S&P Global reported on Nov 2\. Any reading above 50.0 signals better business conditions than the month before. October's figure still points to a marked improvement at the start of the fourth quarter ([Stanbic IBTC Bank / S&P Global — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com)). The survey found that the fourth quarter began much as the third ended, with **sharp rises in new orders and business activity**. **Job creation stayed muted**: firms said they kept up with workloads by running at full capacity rather than adding staff ([Stanbic IBTC Bank / S&P Global — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com)). Prices are the warning sign. **Higher fuel costs** remained a key feature of the survey and produced **sharper increases in both purchase costs and selling prices** ([Stanbic IBTC Bank / S&P Global — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com)). Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, said in the release that business conditions had "remained in the expansionary territory for the ninth consecutive month" while easing to 55.7. The survey covers agriculture, manufacturing, services, and wholesale and retail. It is the first private-sector reading for October, and the CBN will have it in hand before its **308th Monetary Policy Committee meeting on Nov 23–24** ([Central Bank of Nigeria MPC calendar](https://www.cbn.gov.ng/MonetaryPolicy/calendar.html?ref=blackexecutivebrief.com)). ### Why It Matters Demand in Nigeria is holding up. New orders and output are still rising sharply, but the gains come from existing capacity, not new jobs, and fuel costs are flowing straight into prices. SMEs that sell to households have a narrow window: they can pass on costs while demand lasts, but the CBN may respond to faster price growth. Diaspora investors in Nigerian consumer, logistics and distribution businesses should test margins against another round of fuel-driven cost increases, and lock in supplier pricing before the Nov 23–24 decision. --- ## UNITED STATES — ISM Manufacturing PMI Rises To 55.5% As Production Index Hits Highest Since 2021 US manufacturing grew for the **10th month in a row** in October. The **ISM Manufacturing PMI** reached **55.5%**, up **1 percentage point** from 54.5% in September, according to the Institute for Supply Management. The wider economy expanded for the **24th straight month** ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). ### Output led the gain The **Production Index** rose **2.3 points to 59%**, its highest since November 2021 (60.5%). The **New Orders Index** edged up to **55.5%** from 55.3%. The **Employment Index** slipped **0.3 points to 52.4%**, and the **Backlog of Orders Index** fell to **54.6%** from 56.4%. Inventories returned to growth at **51.4%**. Customers' inventories stayed "too low" at **41.6%**, which ISM usually reads as a positive sign for future production ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). ### Costs remain high The **Prices Index** registered **75.2%**, down 2.7 points from September's 77.9% but still deep in increasing territory. Supplier deliveries slowed for the **11th month**, at **59.1%**. Respondent sentiment worsened for a **third month**: **34%** of comments were positive and **66%** negative. Among the negative comments, **62%** cited pricing volatility, **41%** longer lead times, **25%** tariffs and **21%** the Iran war ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). ### Trade picked up too **New Export Orders** rose to **51.2%** and **Imports** to **52.9%** ([ISM — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com)). ### Why It Matters Factory output is at a five-year high while input prices stay above 75, a mix that keeps inflation risk alive ahead of Friday's October payrolls. Employment growth slowed even as production rose, which means plants are getting more from existing staff. Black-owned suppliers and contract manufacturers should expect longer lead times and pricing volatility in purchase orders, and build price-adjustment clauses into contracts now. The US and Nigerian surveys show the same pattern: strong demand, weak hiring and energy-driven costs. --- ## NIGERIA — Grey Secures IMTO Licence As MTN Fintech Revenue Falls 26 Percent Nigerian cross-border fintech **Grey** has received an **International Money Transfer Operator (IMTO) licence** from the **Central Bank of Nigeria**, Condia reported. The licence lets a company receive money sent from abroad and pay it out in naira, but it covers **inbound transfers only**. Grey says it serves **more than 3 million users in 70 countries**. It is also registered with **FinCEN** in the US and **FINTRAC** in Canada ([Condia — Nov 2, 2026](https://thecondia.com/grey-secures-imto-licence-cbn/?ref=blackexecutivebrief.com)). The market is crowded. The CBN's list of approved IMTOs stood at **108 in 2025**, up from **15** about a decade earlier. The increase followed revised CBN guidelines in **January 2024** that cut minimum capital for foreign IMTOs to **$1 million** from about **$12.8 million**. The same guidelines raised the application fee to **₦10 million** and added an annual renewal fee of the same amount ([Condia — Nov 2, 2026](https://thecondia.com/grey-secures-imto-licence-cbn/?ref=blackexecutivebrief.com)). The licence follows Grey's **Oct 29** launch of Paycheck, a product for professionals earning in foreign currencies. Telecom-led fintech in Nigeria had a weaker quarter. **MTN Nigeria's fintech revenue fell 25.91% to ₦97.5 billion ($72.42 million)** in the nine months to September 2026, TechCabal's analysis of the company's results shows. The decline followed MTN's suspension of its Xtratime airtime-and-data credit service from **Apr 16** to meet Nigeria's lending rules. Fintech revenue recovered **78.5%** quarter on quarter in Q3, but still made up only **2.11%** of total revenue of **₦4.61 trillion** ([TechCabal — Nov 2, 2026](https://techcabal.com/2026/11/02/mtn-momo-alipay-fintech-revenue-q3-2026/?ref=blackexecutivebrief.com)). MoMo PSB moved to a new **Alipay+** platform in August. Monthly active users reached **3.2 million**, and wallet balances more than quadrupled to **₦43.8 billion** from December 2025\. MTN expects to restore the credit service to target levels by **end-November**. The planned separation of the fintech business, with [**MTN Group**](https://desk.blackexecutivebrief.com/company/mtn-group?ref=blackexecutivebrief.com) **taking 60%** and **MTN Nigeria keeping 40%**, still awaits regulatory approval ([TechCabal — Nov 2, 2026](https://techcabal.com/2026/11/02/mtn-momo-alipay-fintech-revenue-q3-2026/?ref=blackexecutivebrief.com)). ### Why It Matters Regulation now shapes Nigerian fintech more than distribution does. A direct IMTO licence lets Grey compete for the inbound diaspora remittance flow. MTN's results show how quickly lending-rule compliance can cut a quarter's revenue. Diaspora senders get more licensed channels and pressure on fees. Founders face higher fixed costs to stay licensed, which favours well-capitalised operators with multi-market registrations. --- ## CARIBBEAN — Caribbean Development Bank Finances Commonwealth Events And Promotes Guarantees For Small States The **Caribbean Development Bank** has financed **more than US$700,000** in support for **five Commonwealth events** in **Antigua and Barbuda** around the 2026 Commonwealth Heads of Government Meeting (CHOGM). The five are the Business, Women, Youth and People Forums and the Disability Symposium. A delegation led by **President Daniel M. Best** is attending the meetings, which run from **Nov 1 to 5** ([Caribbean Development Bank — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com)). The CDB says it will argue that resilience should be financed as a **productive economic asset**. It will push for **guarantees, risk-sharing, co-financing and regional investment platforms** to bring private capital into small-state economies, and for international finance to give more weight to vulnerability. "Small states should not be defined only by their exposure to risk. They are credible investment markets," Best said ([Caribbean Development Bank — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com)). As **Gold Sponsor of the Business Forum**, the bank will lead a main-stage plenary bringing together governments, investors and businesses. Vice-President (Operations) **Dr Isaac Solomon** said the focus is "moving from policy ambition to implementation." His approach combines project preparation, guarantees, concessional finance and private capital to build pipelines that are scalable and ready to deliver ([Caribbean Development Bank — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com)). The bank will also lead consultations on a draft **Caribbean Disability Inclusion Action Plan**, and bring civil society input into its first **Civil Society Engagement and Partnership Strategy** ([Caribbean Development Bank — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com)). ### Why It Matters The CDB is treating CHOGM as a deal-origination forum, not just a policy summit. Its stress on guarantees and risk-sharing tells private investors where it wants to absorb risk. Caribbean and diaspora operators with projects ready to finance — in infrastructure, resilience retrofits or enterprise platforms — should approach CDB teams in St. John's this week, while the bank is pitching the region's investment pipeline to Commonwealth capital. --- ## SOURCES - [Stanbic IBTC Bank / S&P Global — Stanbic IBTC Bank Nigeria PMI, October 2026 — Nov 2, 2026](https://www.pmi.spglobal.com/Public/Release/PressReleases?ref=blackexecutivebrief.com) - [Central Bank of Nigeria — MPC calendar 2026](https://www.cbn.gov.ng/MonetaryPolicy/calendar.html?ref=blackexecutivebrief.com) - [Institute for Supply Management — October 2026 Manufacturing PMI Report (PR Newswire) — Nov 2, 2026](https://www.morningstar.com/news/pr-newswire/20261102la86073/manufacturing-pmi-at-555-october-2026-ism-manufacturing-pmi-report?ref=blackexecutivebrief.com) - [Condia — Grey secures IMTO licence from CBN in Nigeria — Nov 2, 2026](https://thecondia.com/grey-secures-imto-licence-cbn/?ref=blackexecutivebrief.com) - [TechCabal — MTN Nigeria moves MoMo to new platform as fintech revenue falls 26% — Nov 2, 2026](https://techcabal.com/2026/11/02/mtn-momo-alipay-fintech-revenue-q3-2026/?ref=blackexecutivebrief.com) - [Caribbean Development Bank — CDB Invests in Commonwealth Platforms to Advance Investment, Inclusion and Resilience in Small States — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com) *Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.*