Nigeria’s business environment remained in expansion territory in May 2026, driven largely by a sharp rebound in manufacturing activity and stronger consumer demand, according to the latest Business Confidence Monitor (BCM) published by the Nigerian Economic Summit Group (NESG).
However, persistent structural challenges continue to weigh on investment and long-term business confidence.
The NESG’s Current Business Performance Index rose to 104.6 points in May from 102.1 points in April, indicating continued expansion across the economy. While the reading was stronger month-on-month, it remained below the 109.8 points recorded in May 2025, suggesting that businesses are still operating below the levels seen a year ago.
The most significant development was the return of manufacturing to expansion territory. The sector’s performance index climbed to 114.1 points from 98.7 points in April, marking one of the strongest improvements among all sectors surveyed.
According to the report, subsectors including food, beverages, and tobacco; textiles, apparel, and footwear; pulp and paper products; and basic metals recorded particularly strong gains.
