A recent survey by the Central Bank of Nigeria (CBN) highlighted the major challenges facing businesses in the country. The Business Expectations Survey Report for September 2025 identified high taxes, bank charges, and inadequate infrastructure as the top constraints hindering operations. Respondents cited high bank charges (70.8 %), high or multiple taxes (70.8 %), and poor infrastructure (70.7 %) as the most significant challenges.
Despite these obstacles, the Confidence Index showed a degree of optimism, standing at 31.5 index points in September 2025. Regional variations were evident: businesses in the North‑East recorded the highest optimism at 48.7 points, while those in the South‑East posted the lowest at 7.3 points. The CBN attributed the low optimism in the South‑East to a higher prevalence of constraints, including poor infrastructure and multiple taxation at state and local levels.
Other notable constraints identified by businesses included unfavourable economic policies (64.9 %), unpredictable exchange‑rate movements (62.3 %), limited access to credit (58.5 %), and inflationary pressures (55.6 %). In contrast, competition (40.4 %) and insufficient power supply (37.8 %) were less frequently cited as major concerns. The survey also projected a rise in optimism to 51.8 index points over the next six months, indicating cautious confidence about future economic conditions.
Nigeria’s economy continued its upward momentum in September 2025, with the Purchasing Managers’ Index (PMI) rising to 54.0 points, according to the CBN’s latest report. This marked the tenth consecutive month of expansion, up from 51.7 points in August. The growth in the Composite PMI was driven by strong performances across the industry, services, and agriculture sectors, reflecting continued improvement in overall economic activity and business confidence nationwide.
The findings underscore the need for policymakers to address pressing issues affecting Nigerian businesses, particularly taxation, infrastructure, and access to credit. As the economy evolves, monitoring these trends and implementing targeted interventions will be essential to foster a more conducive business environment.
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