In July 2026, the Nigerian business landscape experienced significant growth, even as companies grappled with climbing operational expenses. According to the Nigerian Economic Summit Group (NESG), the Current Business Performance Index climbed to 108.6 points, rising from 104.6 in June 2026 and 105.4 in July 2025. This growth was largely supported by strength in the non-manufacturing sector.
However, the NESG issued a cautionary outlook for the future. The Future Business Expectations Index dipped slightly to 128.3 points, highlighting a sense of guarded optimism. While most sectors showed positive performance, structural hurdles remain prevalent. Specifically, businesses continue to struggle with high energy costs, limited credit availability, infrastructure deficits, and security concerns.
The report specifically identified potential threats on the horizon, such as rising energy prices linked to the transition to dollar-denominated fuel pricing by the Dangote Refinery. Although general indicators for production, demand, and profit remain in positive territory, investment levels have stayed stagnant. While trade and manufacturing show the most promise, the overall path to sustained recovery remains vulnerable to these ongoing economic pressures.
