In September 2025, businesses in Nigeria sustained a positive trajectory, with the Current Business Performance remaining in the expansion region since December 2024. The NESG–Stanbic IBTC Business Confidence Monitor (BCM) reported a marginal rise to 107.9 points, up from 107.3 in August 2025. This improvement reflects a combination of sectoral dynamics, notably a rebound in Agriculture, supported by the harvest season, and steady activity in the Services sector.
A sectoral review confirmed that all five broader economic activities stayed in the expansion zone. Agriculture posted the strongest recovery, rising sharply to 107.3 from a contractionary
95.6 in August, while Non-manufacturing (114.5), Trade (107.6), and Manufacturing (102.5) all expanded, albeit at a slower pace compared to August.
Key BCM sub-indices, such as investment, exports, access to credit, and prices, registered marginal gains relative to August 2025, pointing to improving sentiment in capital formation and external trade. Importantly, recent improvements in cost of doing business and input prices suggest a gradual moderation of inflationary pressures on firms. However, this positive trend remains fragile, as financing constraints, erratic electricity supply, high commercial property costs, unclear policy signals, and persistent insecurity continue to undermine business confidence and investment appetite.
