The Nigeria Economic Summit Group  ( NESG), has reported that business activities were constrained in March 2026 following limited access to finance and frequent power outages. This it said resulted in

Business Performance Index easing to 101.2 points from 117.2 and 106.6 points in February 2026 and March 2025, respectively.

NESG in its March 2026 Business Confidence Monitor (BCM), report released on Tuesday also reported that despite slight easing cost of doing business, input cost still remained elevated during the month.

The Business Confidence Monitor (BCM) is a survey-based report that presents information on current business sentiment in the Nigerian economy and gauges expectations for short-term economic activity.

According to the report, in March 2026, Nigeria’s business environment stayed in the expansionary zone, showing a weaker performance compared to February 2026. “This was largely driven by a contraction in the Agriculture and Non-Manufacturing sectors during the month”, it said.

The weak performance, according to the report, reflects persistent constraints, including limited access to finance, frequent power outages, insecurity, and high rental costs”, the report said.

A breakdown of the figures indicates uneven performance across the five sectors in March 2026. Business activities slowed in Manufacturing from 121.1 to 103.4 points, Trade from 108.7 to 103.8 points, and Services from 109.2 to 104.7 points.

It noted that index readings moved into the contraction region for Non-Manufacturing from 128.9 to 98.4 points and Agriculture from 104.8 to 91.1 points during the month.

Key BCM sub-indices, including general business situation, production, demand conditions, financial results, access to credit, cash flow, and employment, remained in the expansion territory, even though all, except trade stockpiling, were associated with weaker outcomes compared with February 2026.

In contrast, the report said, export, operating profit, and supply orders sub-indices slipped into contraction in March 2026.

It said the future business expectations Index stood at 128.0 points, down from 135.4 points in February 2026, reflecting cautious optimism about the short-term business conditions.

During the month, Trade and Manufacturing recorded the strongest levels of optimism, whereas other sectors recorded relatively weaker optimism. “This cautious outlook reflects emerging energy-related cost pressures linked to rising geopolitical tensions in the Gulf region“, it said.