Dike Onwuamaeze
Contraction in enterprise exercise in the cement sub-sector pushed the manufacturing sector to a pointy decline in September 2026 to 108.4 factors from 120.4 factors in the earlier month.
This is in keeping with the Business Confidence Monitor (BCM), a publication of the Nigerian Economic Summit Group (NESG) that presents qualitative data on present enterprise sentiment in the Nigerian financial system and gauges expectations for short-term financial exercise.
The BCM’s present enterprise efficiency confirmed that Nigeria’s enterprise exercise sustained expansionary momentum in September 2026 as its Current Business Performance Index (CBPI) jumped to 117.8 factors from 112.7 that was recorded in August 2026.
It attributed the CBPI’s fast enchancment to growth throughout numerous sectors, with commerce recording the strongest efficiency.
It stated: “In September 2026, Nigeria’s business activity improved significantly, with the composite CBPI rising to 117.8 points from 112.7 points in August 2026 and 107.9 points in September 2025. Expansion was broad-based across sectors, with Trade recording the strongest performance. All sectors remained in expansion territory, although manufacturing and services recorded a slowdown in business activity compared with the previous month.”
The report, nonetheless, famous that, “enterprise exercise in manufacturing eased in September 2026, with the CBPI for the sector declining sharply to 108.4 factors from120.4 factors in the earlier month. This moderation displays subdued efficiency throughout most subsectors as efficiency diversified throughout the three largest subsectors.
“While Food, Beverage & Tobacco, Textile and Apparel & Footwear remained in expansion territory, with the former recording a slow pace in business activity while the latter performed stronger relative to August 2026. The third biggest subsector, Cement, moved into the contraction region in September 2026.”
“Business exercise additionally contracted throughout many a number of subsectors, together with Chemical & Pharmaceutical Products, Plastic & Rubber Products, Wood & Wood Products, Non-Metallic Products, Basic Metal, Iron & Steel, and Motor Vehicles & Assembly.
“On the other hand, Pulp, Paper and Paper Products remained in expansion territory, but the associated index reading was unchanged relative to the previous month, while Electrical & Electronics performed stronger and other manufacturing held steady around the 100-point neutral threshold,” it stated.
The BCM stated that many gamers in the manufacturing sector grappled with growth-inhibiting constraints, together with vitality shortages, insufficient provide of uncooked supplies, excessive rental prices, credit score squeeze, and infrastructure challenges, which heightened value pressures and discouraged new investments in the course of the month.
Nevertheless, enterprise exercise in agriculture expanded quickly in September 2026, with the sector’s CBPI rising to 117.7 factors from 110.5 factors in the earlier month. The index studying additionally represented a considerable improve from 107.3 factors in September 2025.
It stated, “This displays sustained growth in all subsectors besides forestry and fishing. The crop manufacturing and agro-allied subsectors recorded stronger growth ranges, whereas livestock registered slower enterprise exercise in contrast with August 2026. However, forestry and fishing entered the contraction territory in September 2026.
“Despite the overall improvement in business activity, many players within the agricultural sector faced persistent constraints, including inadequate financing, incessant power outages, insecurity, and infrastructure bottlenecks. These challenges continued to drive up the cost of doing business and constrained new investments during the month.”
The BCM additionally confirmed that enterprise exercise in the CBPI for the service sector decelerated in September to 107.7 factors from 112.4 factors in August 2026.
However, in September 2026, the commerce sector recorded a major enchancment in enterprise exercise, with its CBPI rising sharply to 128.5 factors from 112.0 factors in August 2026.
