The latest NESG Business Confidence Monitor’s (BCM) report said Nigeria’s business environment maintained its expansionary trajectory in November 2025, marking it the 11th consecutive month of expansion.

The NESG BCM is a survey-based report that presents qualitative information on the current business sentiment within the Nigerian economy and gauges expectations about overall economic activities in the short term.

The current edition, published in December 2025, provides insights into business performance in November 2025.

The latest edition shows the business performance index increased marginally to 113.3 points, up from 111.3 points in October 2025 and 97.3 points in the corresponding period of 2024.

The steady improvement reflects a combination of sectoral gains, driven particularly by strengthened performance across key sectors and a notable surge in activity within the trade sector.

A sectoral breakdown shows that all five major economic activities remained in the expansion region during the month.

The trade sector recorded the most substantial increase, rising by 71.1 points to 186.5 index points. Non-manufacturing rose from 96.4 in November 2024 to 117 in November 2025, while manufacturing moved from 96.4 in November 2024 to 114.2 in November 2025.

The report said services rose from 97.9 in November 2024 to 105.8 in November 2025, while agriculture moved from 101.2 in November 2024 to 103.3, a more moderate expansion pace compared to November 2024.

The report said key BCM sub-indices, including general business situation, production, financial conditions, supply orders, trade stockpiling, access to credit and cash flow, posted modest improvements relative to October 2025.

The gains point to a more positive outlook for capital formation and external trade.

The report noted that during the month, the cost of doing business declined, while input prices continued to rise, albeit at a slower pace.

Both developments signal a gradual easing of inflationary pressures on firms and business operations.

“However, persistent financing constraints, high commercial property costs, unclear policy signals, unreliable power supply, and ongoing insecurity remained the most significant challenges, dampening business performance and confidence during the month,” the report noted.