Nigerian businesses identified high or multiple taxation, insecurity and high interest rates as their major constraints in September 2026, according to the Central Bank of Nigeria’s Business Expectations Survey.
The CBN said the three factors recorded the highest constraint indices among the issues assessed during the review period.
High or multiple taxation recorded 67.1 index points, followed by insecurity with 66.2 points and high interest rates with 64.3 points.
Unfavourable political climate followed with 61.8 points, while high bank charges recorded 61.5 points.
Competition stood at 60.2 points, while unclear economic laws and unfavourable economic climate each recorded 58.7 points.
Financial constraints and poor infrastructure ranked lowest among the top ten constraints, with 57.5 and 55.0 points respectively.
Despite the challenges, the overall business outlook remained positive during the month, with the Business Confidence Index standing at 13.4 points in September.
The CBN said the positive outlook was mainly supported by increased demand, economic diversification and access to finance.
According to the survey, increased demand accounted for 29.3 per cent of respondents’ positive outlook, while economic diversification and access to finance accounted for 18.9 per cent and 13.5 per cent respectively.
The survey also showed that the Industry sector recorded the strongest improvement in business confidence, with its index rising from 17.1 points in August to 19.4 points in September.
The CBN said businesses remained optimistic about improved operating conditions in the coming months, despite the constraints affecting their activities.
