Nigeria’s business activity rose to a record 117.8 points in September 2026, but persistent operating costs and structural constraints continued to weigh on businesses, according to the Nigerian Economic Summit Group (NESG).
The composite Current Business Performance Index increased from 112.7 points in August and 107.9 points in September 2025, surpassing the previous record of 117.2 points recorded in February.
The latest figures were contained in NESG’s Business Confidence Monitor, titled Strong Demand Ignited Business Growth Amid Persistent Cost Pressures.
NESG said the expansion was broad-based across sectors, with Trade recording the strongest performance. However, Manufacturing and Services recorded slower activity compared with the previous month.
Despite the improvement in business activity, the Cost of Doing Business Index remained at 39.2 points, while the Prices Index stood at 58.0 points. Both remained below the 100-point neutral threshold, indicating continued pressure from operating costs and producer prices.
Trade recorded the strongest sectoral performance in September, with its Current Business Performance Index rising to 128.5 points from 112.0 points in August and 107.6 points a year earlier.
NESG attributed the improvement partly to stronger trade stockpiling and consumer demand linked to back-to-school shopping.
Wholesale Trade remained in expansion and improved from August, while Retail Trade also moved into expansion territory.
Agriculture rose to 117.7 points from 110.5 points in August, although Forestry and Fishing moved into contraction.
Manufacturing remained in expansion at 108.4 points but declined from 120.4 points in August. Cement and several other subsectors recorded weaker activity.
Non-Manufacturing improved to 113.4 points from 109.7 points, while Services slowed to 107.7 points from 112.4 points.
NESG said businesses continued to face financing constraints, irregular electricity supply, insecurity, infrastructure bottlenecks and high rental costs.
Manufacturers also continued to contend with challenges around the availability and supply of raw materials.
The Financial Results Index, meanwhile, moved into contraction after several months of expansion, suggesting that stronger business activity has not translated into corresponding improvements in financial performance.
Despite the cost pressures, businesses remained cautiously optimistic about conditions over the next one to three months.
NESG’s Future Business Expectation Index stood at 128.9 points in September, marginally lower than 129.3 points in August but still firmly in expansion territory.
Trade recorded the strongest outlook at 192.0 points, followed by Manufacturing at 151.9 points and Non-Manufacturing at 148.1 points.
Agriculture recorded 134.8 points, while Services stood at 123.2 points.