Nigeria's Business Activity Expands for 12th Consecutive Month Despite Cost Pressures

According to the latest report by NESG and Stanbic IBTC, Nigeria's business activity continued to expand for the 12th month in a row in December 2025, albeit at a slower rate. The overall business conditions remained in expansionary territory, but structural bottlenecks and rising costs dampened confidence among businesses.

The report highlighted growth in the agriculture, manufacturing, trade, non-manufacturing, and services sectors, with agriculture posting the strongest performance. However, challenges such as cost pressures and weaker demand were noted, impacting sectors like cement, basic metal, iron, steel, and wood products.