Nigeria’s business environment strengthened markedly in February 2026, with the Business Confidence Index (BCI) soaring to a record 117.2 points, up from 105.8 points in January, according to the latest report from the Nigerian Economic Summit Group (NESG). This marks the highest reading on record, signaling robust expansionary momentum across the economy.
The Current Business Performance Index, which reflects firms’ assessment of ongoing economic conditions, showed significant improvement nationwide. Broad-based growth was evident across major sectors. The non-manufacturing sector led the expansion, rising to 128.9 points, while manufacturing improved to 121.1 points, driven by stronger activity in food, beverages, and chemicals. Services climbed to 109.2 points, supported by gains in finance, telecoms, and real estate. Trade rebounded to 108.7 points after earlier underperformance, and agriculture returned to expansion territory at 104.8 points.
This broad-based growth reflects stronger demand, enhanced operational performance, and renewed activity across production, trade, and service sectors.
The Future Business Expectation Index, measuring firms’ optimism for the next 3–6 months, also rose sharply to 135.5 points, up from 124.7 in January. This surge indicates heightened confidence among business leaders in continued growth prospects, with manufacturing and trade firms particularly upbeat about future activity.
Despite the positive momentum, businesses noted persistent structural challenges, including infrastructure gaps, security concerns, limited access to affordable financing, and high operating costs, issues most acute in manufacturing and agriculture.
Analysts highlight that the record-high BCI reflects renewed business dynamism in early 2026 and aligns with other indicators of recovery, such as a rebound in private sector activity measured by the Purchasing Managers’ Index (PMI).
Overall, the surge in business confidence suggests that firms are increasingly optimistic about Nigeria’s economic prospects, buoyed by stronger demand, improved operational conditions, and expectations of sustained growth in the months ahead.
