Nigeria’s Business Confidence Reaches Record High in February 2026

Nigeria’s business environment demonstrated significant expansion in February 2026, achieving its strongest performance in over a year. The Nigerian Economic Summit Group (NESG) Business Confidence Monitor (BCM) Current Business Performance Index climbed to a record 117.2 points, signaling renewed optimism among businesses nationwide.

Significant Increase from Previous Months

The February 2026 index represents a substantial increase compared to the 105.8 points recorded in January 2026 and the 111.5 points posted in February 2025. This surge indicates improved business conditions across key sectors of the Nigerian economy.

Broad-Based Sectoral Growth

The NESG report highlights broad-based growth across all five major sectors of the economy. For the first time in recent months, all sectors moved into expansionary territory simultaneously.

• Non-Manufacturing: Led the expansion, rising to 128.9 points from 115.3 in January.
• Manufacturing: Increased to 121.1 points from 115.8 in January.
• Services: Improved to 109.2 points from 102.1 in January.
• Trade: Rebounded strongly to 108.7 points from 92.7 in January.
• Agriculture: Climbed to 104.8 points from 99.5 in January.

Easing Cost Pressures and Improving Demand

The improvement in business confidence is attributed to easing cost pressures and stronger consumer demand. The cost of doing business sub-index improved to 65.2 points, with a lower reading indicating higher operating costs, suggesting a positive trend. Input prices also showed signs of moderation, rising to 84.3 points, providing relief to businesses facing rising operational expenses.

BCM Framework and Expansion Threshold

The BCM framework uses 100 points as the benchmark for expansion. Readings above 100 indicate growth in business activity, while those below signal contraction.

Looking Ahead

The NESG noted that sustaining the positive momentum will depend on continued stability in costs and stronger demand conditions in the coming months. The February rebound suggests a gradual recovery in Nigeria’s business environment, offering a promising outlook for economic activity.