The Nigeria Economic Summit Group has unveiled the December 2024 Business Confidence Monitor report in partnership with Stanbic IBTC.
It finds that while business activity showed some seasonal elevation, overall performance across most sectors in Nigeria remained weak in November 2024.
The NESG-Stanbic IBTC Business Confidence Monitor’s (BCM) Current Business Index showed a net balance of -2.74, which means that businesses are quickly adapting to the current economic situation while taking advantage of the usually busier times of the year.
A sub-sectoral analysis highlighted broadly subdued outcomes, with negative performance noted in Manufacturing (-3.65), Non-manufacturing (-3.62), and Services (-2.08). Meanwhile, modest and weak positive business performance were observed in Agriculture (+1.17) and Trade (+0.32) sectors.
“Structural challenges in Nigeria’s business environment intensified, restraining growth despite higher seasonal demand. Elevated inflation and exchange rates drove up operational costs and consumer prices. The Cost of Doing Business Index rose sharply by +50.32, underscoring mounting pressures. Access to credit improved slightly (+8.25), driven by the response to expanding business activities typical of this period. However, businesses identified the high cost of financing as a critical barrier to current performance and future growth expectations”.
The NESG-Stanbic IBTC Business Confidence Monitor (BCM) is the flagship survey-based report of the Nigerian Economic Summit Group (NESG), supported by Stanbic IBTC.
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