Nigeria’s Business Confidence Index Hits 117.2 Record-High Points In February

Nigeria’s business environment strengthened significantly in February 2026, with the Business Confidence Index (BCI) soaring to a record 117.2 points from 105.8 points in January, according to the latest report from the Nigerian Economic Summit Group (NESG).

The figure marks the highest reading on record and signals robust expansionary momentum across the economy.

The Current Business Performance Index, which measures firms’ assessment of ongoing economic conditions, highlights significantly improved business conditions nationwide.

The February report underscored broad-based growth across major sectors, with the non-manufacturing sector leading the expansion, rising to 128.9 points.

Manufacturing improved to 121.1 points, reflecting stronger activity in industries such as food, beverages, and chemicals.

Services climbed to 109.2 points on gains in finance, telecoms, and real estate.

Trade rebounded robustly to 108.7 points, after underperformance earlier in the year.

Agriculture returned to expansion territory at 104.8 points.

The broad expansion reflects improving demand conditions, stronger operational performance, and renewed activity across production, trade, and service-oriented sectors.

The Future Business Expectation Index, a gauge of firms’ optimism for the next 3–6 months, also climbed substantially to 135.5 points in February 2026, up from 124.7 in January. This rise signals heightened confidence among business leaders in continued growth prospects.

Sector-specific outlooks were particularly upbeat, with manufacturing and trade firms reporting especially strong expectations for future activity.

Shoe seller Bidemi Bello attends to a customer while selling sandals at her stall in the Balogun Market in Lagos on December 18, 2023. – Christmas and year-end celebrations are marred by the economic crisis and soaring prices in Nigeria. Poverty in the most populous country in Africa has risen in 2023, affecting 104 million people, compared to 79 million five years earlier, according to the World Bank. The prices of food items and basic goods have skyrocketed following an increasing inflation rate and devaluation of the Naira, making daily life increasingly difficult for millions of Nigerians. (Photo by Benson Ibeabuchi / AFP)

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Despite the upbeat mood, firms highlighted ongoing structural constraints such as infrastructure gaps, security concerns, limited access to affordable financing, and high operating costs that continue to affect certain sectors, particularly manufacturing and agriculture.

Analysts say the record‐high confidence index points to renewed business dynamism in the early part of 2026 and aligns with other economic indicators showing recovery, including a rebound in private sector activity measured by the Purchasing Managers’ Index (PMI).