Nigeria’s Business Confidence Index Hits Record 117.2 Points

Nigeria’s business environment strengthened significantly in February 2026, with the Business Confidence Index (BCI) rising to a record 117.2 points, according to the latest Business Confidence Monitor released by the Nigerian Economic Summit Group (NESG).

The index climbed from 105.8 points recorded in January 2026 and was also higher than the 111.5 points posted in February 2025, signalling a notable improvement in business conditions across the economy.

The NESG explained that readings above the 100-point threshold indicate expansion in business activities. The February figure therefore reflects strong growth momentum and improved sentiment among businesses operating in the country.

According to the report, the improvement in the index was driven by broad-based expansion across the five major sectors tracked by the monitor.

The non-manufacturing sector recorded the strongest growth, with its index rising to 128.9 points during the month. The manufacturing sector also posted significant gains, increasing to 121.1 points, reflecting stronger production activity and improved operational performance.

The services sector maintained expansionary momentum as its index rose to 109.2 points. Similarly, the trade sector rebounded strongly to 108.7 points, indicating improved commercial activity and demand conditions.

Agriculture, which had previously faced weaker sentiment, returned to expansion territory with an index reading of 104.8 points, suggesting a modest recovery in the sector.

The broad-based improvement across sectors is seen as a reflection of stronger production levels, improved demand conditions and gradually easing cost pressures in some parts of the economy.
Business expectations for the coming months also remained positive.

The Future Business Expectation Index climbed to about 135 points in February, indicating that firms anticipate continued improvements in demand, investment activity and employment levels in the near term.

Despite the positive outlook, the NESG noted that structural challenges remain a concern for businesses. These include limited access to financing, infrastructure deficits, epileptic power supply, high operating costs and persistent security challenges.

Economists believe that addressing the constraints will be critical to sustaining the current momentum in business activity and translating improved confidence into stronger investment and economic growth.