Copyright bizwatchnigeria
The business environment in Nigeria continued its upward trend in October, led by gains in the manufacturing and trade sectors, according to the latest data from the Nigerian Economic Summit Group (NESG). The NESG–Stanbic IBTC Business Confidence Monitor (BCM) recorded a rise to 111.3 points in October, up from 107.9 in September and 76.8 in the same month last year. A sectoral breakdown showed manufacturing led with an 8.8-point gain, while trade improved by 7.8 points. Non-manufacturing, agriculture and services also posted growth, though at slower rates. Despite the positive trend, the BCM noted that some challenges persist. Businesses continue to report difficulties in accessing credit, high commercial property costs, unclear policy signals, and unreliable power supply. Bizwatch Nigeria reported earlier this year that the manufacturing sector in Nigeria is struggling due to high inflation, rising interest rates, and the depreciation of the naira. The NESG noted that sustaining this upward trend will require deliberate policy actions that promote investor confidence, remove trade barriers, and enhance access to finance for small and medium enterprises. Consistent implementation of economic reforms, the group added, will be key to ensuring that the current momentum translates into lasting growth across Nigeria’s business landscape.
