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Businesses and households across Nigeria have identified high interest rates, multiple taxes, and poor infrastructure as the top challenges affecting operations in September 2025, according to the Central Bank of Nigeria’s (CBN) latest Business Expectation Survey.
Despite these constraints, the survey revealed that overall confidence in the economy remains positive, with a Business Confidence Index of 31.5 points in September, signaling optimism about macroeconomic conditions. This optimism is expected to strengthen in the next six months, reaching 51.8 points, the report noted.
The CBN said the most pressing business constraints were high bank charges (70.8%), multiple taxes (70.8%), and poor infrastructure (70.7%), underscoring the financial and structural hurdles facing enterprises. Other issues cited included insufficient power supply (37.8%) and market competition (40.4%), indicating that financial pressures currently outweigh political or operational challenges for many firms.
Meanwhile, the Household Expectation Survey for September 2025 showed a modest improvement in consumer sentiment, although concerns about rising prices persist. The Consumer Sentiment Index improved to -6.4 points, compared to -7.2 points in August, reflecting slightly reduced pessimism among households.
According to the CBN, respondents continue to perceive prices as high and expect further increases in the coming months — one, three, and six months ahead. The Economic Condition Index also improved from -4.3 points in August to -2.9 points in September, while the Family Financial Situation Index rose slightly from -17.0 to -16.5 points, suggesting marginal relief in household finances.
Notably, the Family Income Sentiment Index recorded a positive value of 0.1 points, marking the first instance of optimism since April 2025.
The CBN’s Inflation Expectation Survey Report further revealed that perceptions of inflation remain high nationwide, particularly in rural areas. About 73.9% of rural respondents reported experiencing higher prices, compared to 72.4% in urban areas, underscoring the widespread impact of inflation across different regions.
Overall, while both businesses and households remain cautiously optimistic about future economic conditions, persistent financial pressures — driven by elevated borrowing costs, taxes, and inflation — continue to weigh on growth and consumer confidence.
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