Nigerian businesses identified high or multiple taxation, insecurity and high interest rates as their most pressing constraints in September 2026, according to the Central Bank of Nigeria’s Business Expectations Survey.
High or multiple taxation recorded the highest constraint index during the review period, followed by insecurity and high interest rates.
- High or multiple taxation: 67.1 points - Insecurity: 66.2 points - High interest rate: 64.3 points - Unfavourable political climate: 61.8 points - High bank charges: 61.5 points - Competition: 60.2 points - Unclear economic laws: 58.7 points - Unfavourable economic climate: 58.7 points - Financial constraints: 57.5 points - Poor infrastructure: 55.0 points
Despite these pressures, the overall business outlook remained positive. The Business Confidence Index stood at 13.4 points in September, indicating continued optimism among firms despite a slight decline from August. The positive outlook was attributed to increased demand (29.3%), economic diversification (18.9%) and access to finance (13.5%).
The Industry sector recorded the strongest improvement, with its confidence index rising from 17.1 points in August to 19.4 points in September. Services moderated from 13.3 points to 10.2 points, while Agriculture declined from 13.9 points to 12.8 points. All sectors nevertheless maintained positive business sentiment.
The CBN said firms expect confidence to strengthen, with the index projected at 23.6 points in December 2026 and 36.1 points by March 2027.
On borrowing costs, businesses expect rates to remain elevated across the review periods, although the survey points to a modest decline over the next six months. Sentiment on the exchange rate leans optimistic, with respondents anticipating that the naira would gain modestly against the US dollar across review periods.
All regions expressed optimism about the macroeconomy in the coming month except the South-East, while the North-East emerged as the most optimistic region across the forecast horizon.
