The Central Bank of Nigeria says multiple taxation, high bank charges, and poor infrastructure were the major challenges faced by businesses in September 2025. According to its latest Business Expectations Survey Report, 70.8 percent of respondents cited multiple taxes and bank charges as key constraints, while 70.7 percent mentioned inadequate infrastructure.
Despite these hurdles, the report shows that business confidence remains positive, with an overall index of 31.5 points. Optimism was highest in the North-East at 48.7 points and lowest in the South-East at 7.3 points, where poor infrastructure and multiple levies were identified as major barriers.
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Other constraints reported by firms include unfavourable economic policies, unstable exchange rates, limited credit access, and persistent inflationary pressures. Competition and power shortages ranked lower among business concerns, though they remain significant.
The CBN projected confidence levels to rise to 51.8 points over the next six months, reflecting cautious optimism. It also reported continued economic expansion, with the Purchasing Managers’ Index increasing to 54.0 points in September from 51.7 in August, marking ten consecutive months of growth across industry, services, and agriculture.
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