CBN Survey: Taxation and Rates Hinder Business Growth

According to a survey conducted by the Central Bank of Nigeria (CBN), multiple taxation, high interest rates, and inadequate infrastructure are identified as the primary constraints on business growth in Nigeria. The Business Confidence Index (BCI) recorded a moderate score of 7.2 points in June 2026, down from 7.9 points in May, reflecting the impact of rising operational costs and persistent structural challenges.

Despite these issues, businesses project a stronger confidence in the coming months, with expectations for the index to rise to 17.6 points in July and 30.9 points within the next six months. The survey indicated that 73.7% of respondents cited multiple taxation as a major constraint, followed by insecurity (71.7%) and high interest rates (67.0%).

The mining and quarrying sector showed the highest optimism with a BCI of 42.9 points, while the agricultural sector also reported improved confidence. However, the industrial sector experienced a decline in confidence, and the service sector recorded the weakest performance.