Nigeria’s business environment recorded modest growth in September 2025, driven largely by a rebound in agriculture, according to the latest NESG–Stanbic@ Business Confidence Monitor (BCM).
The Current Business Performance Index rose slightly to 107.9 points from 107.3 in August, reflecting continued expansion in business activity. Analysts linked the improvement to a strong harvest season and relative macroeconomic stability, which lifted optimism among firms.
The report noted that agriculture, which contracted in August, recorded the sharpest recovery, climbing from 95.6 to 107.3 points. Crop production and forestry spearheaded the rebound, supported by favorable rainfall, better access to inputs, and government intervention. Livestock, fishing, and agro-allied activities also posted moderate gains.
Manufacturing, however, maintained expansion at 102.5 points but slowed from August’s pace due to erratic power supply, high diesel costs, and persistent input shortages. Non-manufacturing industries, including oil, gas, and construction, eased slightly to 114.5 points, while trade slipped to 107.6 points amid insecurity and supply chain disruptions.
By contrast, the services sector strengthened to 108.5 points, buoyed by growth in finance, real estate, and professional services.
The NESG highlighted that investment, exports, access to credit, and relative price stability contributed to the improvement. It also noted that a decline in the cost of doing business and input prices suggested a gradual easing of inflationary pressures.
Despite the gains, the group cautioned that business sentiment remains fragile. Financing constraints, erratic electricity supply, high property costs, unclear policy signals, and insecurity continue to weigh on confidence and investment appetite.
Looking ahead, the Future Business Expectation Index rose to 134.5 points, with trade leading optimism at 162.7 points, followed by manufacturing at 158.4 points. The improved outlook reflects expectations of higher profits, increased production, stronger cash flow, and rising demand.
