Nigeria's business activity surged to an unprecedented 117.8 points in September 2026, as reported by the Nigerian Economic Summit Group (NESG). This marks a significant increase from 112.7 points in August and 107.9 points in September 2025, showcasing a robust recovery in various sectors, particularly in trade.
The NESG's Business Confidence Monitor indicates that while the overall expansion is encouraging, sectors like Manufacturing and Services experienced a slowdown compared to previous months. The trade sector, however, thrived, largely due to back-to-school shopping, which boosted demand. Despite this positive momentum, the Cost of Doing Business and Prices sub-indices remained concerningly low, highlighting ongoing challenges such as high operating costs and producer prices that continue to hinder profitability.
Looking ahead, the Future Business Expectation Index indicates cautious optimism among businesses, suggesting that while there is hope for continued growth, significant hurdles remain. As Nigeria's economy is projected to grow by 4.3% in 2026, the interplay between rising business activity and persistent cost pressures will be crucial to monitor. Investors should keep an eye on how these dynamics affect market sentiment and investment flows, particularly in the context of Africa's evolving economic landscape.