Nigeria’s Business Confidence Index Hits 111.3 as Key Sectors Expand in October 2025
Nigeria’s business climate continued to show promising signs of recovery in October 2025, with the Business Confidence Index (BCI) rising to 111.3 points, up from 107.9 in September. The latest NESG–Stanbic IBTC Business Confidence Monitor (BCM) indicates that optimism is spreading across the economy, reflecting improving perceptions of current business conditions and a more resilient economic outlook amid easing inflation and relative foreign exchange stability.
All five major sectors of Nigeria’s economy—Manufacturing, Trade, Agriculture, Services, and Non-Manufacturing—posted expansion in October. Manufacturing and Trade led the gains, climbing to 111.3 and 115.4 points, respectively. Agriculture also saw a boost to 111.4 points, driven by strong performances in Crop Production and Agro-Allied industries, supported by improved seed varieties, targeted government programs, and stable economic conditions.
The Manufacturing sector rebounded strongly after a previous contraction, with Food, Beverage & Tobacco and Cement sub-sectors leading the recovery. Analysts attributed the growth to a steadier power supply, better access to finance, and improved stability in the foreign exchange market. Meanwhile, the Services sector maintained modest growth, rising to 111.0 points, although sub-sectors like Professional, Scientific & Technical Services showed slower momentum, signaling the fragile nature of the sector’s recovery.
Despite broad-based growth, challenges remain, particularly in Agriculture, where raw material shortages, outbreaks of animal diseases, and rising input costs continue to pressure production and market prices. The report also highlighted that ongoing reforms in infrastructure, security, and credit access will be critical to sustaining the positive momentum across all sectors.
The rise in Nigeria’s Business Confidence Index to 111.3 reflects renewed private-sector optimism and broader economic resilience. Coupled with the Composite Purchasing Managers’ Index (PMI) climbing to 56.4 in November, this trend suggests that Nigeria’s recovery is gaining traction across multiple industries, signaling a more stable and evenly distributed growth pattern for the economy moving into 2026.
source: nairametrics