Business confidence index climbs 117.2 points in February

Nigeria’s business environment sustained its expansionary momentum in February 2026, as the Nigerian Economic Summit Group (NESG) Business Confidence Monitor (BCM) Current Business Performance Index climbed to a record 117.2 points. This was contained in the February 2026 BCM report released by the Nigerian Economic Summit Group. The figure marked a sharp rise from 105.8 […]

Nigeria’s business environment sustained its expansionary momentum in February 2026, as the Nigerian Economic Summit Group (NESG) Business Confidence Monitor (BCM) Current Business Performance Index climbed to a record 117.2 points.

This was contained in the February 2026 BCM report released by the Nigerian Economic Summit Group.

The figure marked a sharp rise from 105.8 points recorded in January 2026 and 111.5 points in February 2025, signalling significantly improved business conditions across the country.

The report indicated broad-based growth across major sectors, supported by recovering demand conditions and improved operational performance.

The BCM report also showed that all five major sectors of the economy recorded expansion in February 2026.

The overall index rose to 117.2 points from 105.8 points in January.

Non-manufacturing led the expansion, with its index rising to 128.9 points from 115.3, while Manufacturing climbed to 121.1 points from 115.8 in January.

 

Services improved to 109.2 points from 102.1.

Trade rebounded strongly to 108.7 points from 92.7, while Agriculture climbed to 104.8 points from 99.5.

The broad-based expansion reflects improved business activity across production, trade, and service-oriented sectors.

Sector-specific performance highlights variations in the drivers of growth and areas of resilience.

Agriculture returned to expansion at 104.8 points, driven by improvements in crop production and recovery in Livestock and Agro-Allied activities.

Manufacturing growth was supported by strong performances in Food, Beverage & Tobacco; Chemical & Pharmaceutical Products; and Pulp, Paper & Paper Products, although Cement and Plastic & Rubber Products slipped into contraction.

The Non-manufacturing sector strengthened to 128.9 points, with improvements across most sub-sectors except Crude Petroleum, which moderated to the neutral 100-point threshold.

Services maintained expansion at 109.2 points, supported by Broadcasting, Financial Institutions, Real Estate, Telecoms and Information Services.

Despite the upbeat mood, firms highlighted ongoing structural constraints such as infrastructure gaps, security concerns, limited access to affordable financing, and high operating costs that continue to affect certain sectors, particularly manufacturing and agriculture.

Analysts say the record‐high confidence index points to renewed business dynamism in the early part of 2026 and aligns with other economic indicators showing recovery, including a rebound in private sector activity measured by the Purchasing Managers’ Index (PMI).

Overall, the surge in business confidence suggests that firms are increasingly optimistic about economic prospects, supported by stronger demand, improved operational conditions, and expectations of sustained growth in the months ahead