Nigeria’s private sector is showing real resilience as business confidence climbed for the sixth month in a row in June 2025, according to the latest NESG–Stanbic IBTC Business Confidence Monitor (BCM) report released in July.
The Current Business Performance Index rose to 113.6 points, up from 109.8 in May, signaling growing optimism among local businesses.
Manufacturing drives the uptick, with firms reporting stronger production and sales volumes, along with modest improvements in revenues. Observers note the recovery is being supported by Nigeria’s recent policy reforms, foreign direct investments, and sustained consumer demand for locally made goods.
Despite headwinds like FX volatility, infrastructure gaps, and high borrowing costs, confidence remains broadly positive. Many businesses are cautiously upbeat about the short-term horizon, citing expanded access to inputs and better operational conditions. Still, a slowdown in liquidity and continued exchange rate pressure are flagged as risks to the recovery.
Experts say sustaining the momentum will depend on scaling investments in infrastructure—especially power and transport—and improving access to affordable credit. They warn that economic resilience could falter if policy uncertainty or exchange rate volatility resurfaces.
