Nigeria’s business environment continued its positive trajectory in October, though moderately, further brightening overall economic outlook with Business Performance Index (BPI) increasing by 3.4 points to 111.3 points from September 2025
This is according to the latest NESG–Stanbic IBTC Business Confidence Monitor (BCM) report released Tuesday.
According to the report, this improvement reflects a mix of sectoral dynamics, particularly strengthened business performance across sectors and a surge in growth within the manufacturing sector.
The report highlighted lingering financing constraints, high commercial property costs, unclear policy signals, erratic power supply, and persistent insecurity as major factors dampening business performance and confidence.
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On a sectoral basis, the Manufacturing and Trade sectors recorded the strongest gains, rising by 8.8 and 7.8 points to 111.3 and 115.4, respectively, during the month. Non-Manufacturing (115.0), Agriculture (111.4), and Services (111.0) also expanded, albeit at a slower pace than in September 2025.
The report further said key BCM sub-indices—investment, exports, access to credit, and prices—all posted modest improvements compared to August 2025, indicating a more positive outlook for capital formation and external trade.
During the month, the cost of doing business and input prices moderated, suggesting a gradual impact of easing inflationary pressures on firms.