NESG: Agriculture, Manufacturing, Others Record Stronger Business Expansion in July

Nigeria's business environment experienced a significant expansion in July 2026, according to the Nigerian Economic Society Group's (NESG) Business Confidence Monitor (BCM). The Current Business Performance Index (CBPI) climbed to 108.6 points, up from 104.6 points in June 2026 and showing a notable increase from 105.4 points in July 2025.

This acceleration indicates stronger and broader business activities across various sectors, including agriculture, manufacturing, trade, services, and non-manufacturing industries. Key sub-indices such as general business situation, production, demand conditions, operating profit, financial results, supply order, cash flow, and employment all remained in expansionary territory. Most of these sub-indices showed improved performance compared to the previous month, with services notably entering the expansion region.

Agriculture sustained its expansionary momentum, with its CBPI jumping to 110.8 points in July 2026, an increase from 103.9 points in June. Manufacturing also saw robust growth, with its CBPI rising to 110.5 points from 106.4 points in June, reflecting strong performance in subsectors like cement and textiles. Non-manufacturing industries recorded the highest expansion, with the CBPI accelerating to 116.6 points from 106.8 points in June.

Despite the positive overall trend, businesses continue to grapple with significant challenges. Limited financing, inadequate power supply, high property rental costs, insecurity, and infrastructural bottlenecks remain key constraints. These persistent issues keep operating costs elevated and hinder new investments, even as overall business activity improves.