Nigeria’s business activity expanded at its fastest pace in five months in July 2026, driven by a surge in customer demand and improved manufacturing orders across major economic sectors.
According to the latest Business Confidence Monitor (BCM) released by the Nigerian Economic Summit Group (NESG), the Current Business Performance Index climbed 4.0 points month-on-month to 108.6 points from 104.6 in June.
The index, where readings above 100 signal expansion, marked its seventh consecutive month in positive territory for 2026, recovering strongly from April’s low of 102.1 points.
“The July uptick was propelled by stronger growth in manufacturing output, order books, and demand conditions, recovering from June’s subdued performance,” the NESG stated in the report.
Broad-based expansion was sustained across manufacturing, trade, and non-manufacturing activities, while the services sector showed signs of stabilization after slipping into contraction during June.
The July rebound follows June’s flat reading of 104.6 points, though the latest 108.6 mark remains below the 113.6 points recorded during the same period in 2025.
Despite the headline growth, business managers reported persistent operational headwinds, including high energy tariffs, elevated input prices, transport expenses, and restricted access to affordable credit.
