Nigeria’s enterprise panorama sustained its upward momentum in September 2025, because the Present Enterprise Efficiency Index climbed to 107.9 factors, marking a 0.6-point improve from 107.3 factors in August.
That is based on the most recent NESG–Stanbic IBTC Enterprise Confidence Monitor (BCM).
The report reveals that companies have remained within the enlargement zone since December 2024, reflecting continued optimism amongst Nigerian corporations regardless of ongoing structural challenges.
On a year-to-date foundation, enterprise efficiency between January and September 2025 is 20.0 index factors larger in comparison with the identical interval in 2024 — an encouraging signal of resilience and restoration in Nigeria.
Agriculture leads the restoration
The Agriculture sector posted a exceptional turnaround in September after contracting in August. Its BCM Index rose sharply from 95.6 to 107.3 factors, pushed by enhancements in crop manufacturing and forestry.
The rebound was underpinned by bumper harvests, beneficial rainfall patterns, and authorities enter assist programmes, which boosted output and investor confidence.
Sectoral information additional revealed that every one 5 agricultural sub-sectors—crop manufacturing, forestry, livestock, fishing, and agro-allied industries—recorded good points. Crop manufacturing and forestry shifted from contraction to enlargement, whereas different sub-sectors maintained development, demonstrating the sector’s broad-based resilience.
Manufacturing slows however stays in enlargement
The Manufacturing sector maintained its expansionary standing in September, although development moderated.
In line with the report, the sector’s BCM Index fell barely to 102.5 factors, down from 106.2 in August, indicating a slowdown in manufacturing momentum.
The report attributed this decline to weaknesses in main sub-sectors, together with Meals, Beverage and Tobacco, Cement, Plastic and Rubber Merchandise, Wooden and Wooden Merchandise, Non-Metallic Merchandise, and Pulp and Paper. Collectively, these industries account for over 75% of Nigeria’s manufacturing output, making their contraction significantly important.
Producers continued to battle with unstable energy provide, excessive diesel prices, and frequent outages, which disrupt manufacturing schedules and scale back profitability.
Corporations additionally reported persistent points reminiscent of a number of taxation, restricted entry to credit score, excessive rental prices, uncooked materials shortages, and insecurity, which have collectively eroded competitiveness and slowed enlargement.
Companies sector reveals sturdy momentum
In distinction, the Companies sector recorded a notable enchancment in enterprise efficiency, rising to 108.5 index factors in September from 103.7 in August 2025. The uptick was pushed by regular exercise in monetary providers, ICT, and logistics, supported by moderating inflation and a comparatively steady alternate price.
The sector’s continued enlargement displays rising client demand, digital transformation, and elevated personal funding in expertise and innovation. Regardless of financial headwinds, the providers sector stays Nigeria’s largest employer and strongest contributor to GDP development, serving to to offset weaker efficiency in manufacturing.
Enhancing sentiment, persistent dangers
The BCM sub-indices for funding, exports, entry to credit score, and costs additionally recorded marginal good points in comparison with August, suggesting a gradual enchancment in capital formation and exterior commerce sentiment. Moreover, enter value moderation factors to a doable easing of inflationary pressures on corporations, although the outlook stays cautious.
The report warned that whereas latest good points are encouraging, the constructive development stays fragile. Persistent structural challenges—reminiscent of financing constraints, erratic electrical energy provide, excessive operational prices, coverage uncertainty, and insecurity—proceed to undermine confidence and funding urge for food throughout sectors.
What it’s best to know
In September, Nationwide Bureau of Statistics (NBS) reported that Nigeria’s Gross Home Product (GDP) grew by 4.23% year-on-year in actual phrases within the second quarter of 2025.
The report reveals that Agriculture grew by 2.82% in Q2 2025 in actual phrases, in contrast with 2.60% in Q2 2024 and simply 0.07% within the earlier quarter.
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