The Enterprise Confidence Monitor (BCM) is the flagship survey-based report of the Nigerian {Economic} Summit Group (NESG), supported by Stanbic IBTC. The report obtains qualitative data on the present enterprise efficiency throughout the Nigerian financial system and gauges expectations about total economicactivities within the brief time period. It’s anchored on enterprise managers’ optimism on key main {economic} indicators resembling funding, costs, demand circumstances, employment, and many others.
The NESG-Stanbic IBTC BCM combines main qualitative indicators on Manufacturing, Funding, Export, Demand Situations, Costs, Employment, and the Normal Enterprise Scenario to gauge the general enterprise optimism of the Nigerian financial system. The goal respondents for the Enterprise Confidence Survey (BCS) are enterprise institutions working in Nigeria which have been engaged in {economic} actions because the starting of 2023. The survey is run to senior managers and enterprise executives.
Companies in Nigeria maintained a constructive efficiency streak for one more month, because the BCM Index stayed within the enlargement area for the sixth consecutive month in 2025. Based on the NESG–Stanbic IBTC Enterprise Confidence Monitor (BCM), the Present Enterprise Index rose to 113.6 factors in June, up from 109.8 factors in Might 2025. This efficiency is attributed to a number of tailwinds, together with easing inflationary pressures, improved investor confidence and local weather, and stronger enterprise resilience throughout key sectors. Sectoral evaluation confirmed enlargement throughout all sectors and broader {economic} actions. Sturdy enterprise progress was noticed in Manufacturing (123.6), non-manufacturing (120.7), and Commerce (121.0) in June 2025. The Agriculture and Companies sectors additionally expanded, although solely barely above the origin (100 index factors), reaching 108.9 and 106.3 index factors, respectively. Nevertheless, Non-manufacturing’s efficiency declined in comparison with its Might 2025 degree of 122.2. This decline is linked to components resembling credit score squeeze, rising inventories resulting from weak demand, and excessive (weak) change charges, which gasoline imported inflation and escalate manufacturing prices, particularly as many firms on this sector rely on imported inputs. Regardless of the general constructive pattern, structural challenges constrained broader enterprise progress. Key BCM sub-indices funding, export, provide order, costs, and employment recorded decrease values in comparison with the earlier month. The price of doing enterprise additionally rose in June, reversing the slight aid noticed in Might 2025. Companies recognized main constraints resembling restricted entry to financing, persistent electrical energy provide shortages, inconsistent {economic} insurance policies, insufficient international change availability, and elevated business lease and rental prices.
In June 2025, the NESG–Stanbic IBTC Enterprise Confidence Monitor (BCM) Index for the Agriculture sector rebounded from its momentary contraction in Might 2025, returning to the enlargement area. The sector index rose to 108.9 factors within the month, up from 98.2 factors in Might. This restoration was primarily pushed by a swift rebound within the Crop Manufacturing sub-sector, which contributed over 80% of complete output. The reversal of the Might 2025 downturn is attributed to a number of favorable developments: the harvest interval coinciding with the New Yam Pageant celebrated nationwide, the graduation of wet-season planting, a lift in livestock actions following the inclusion of high-yield Danish dairy heifers, and the operationalization of varied agro-processing initiatives supported by multilateral growth establishments. A breakdown of efficiency throughout the 5 agricultural sub-sectors exhibits that solely Fishing recorded a contraction (beneath 100 factors) in June 2025. Different sub-sectors skilled enlargement in enterprise actions, with vital progress in Crop Manufacturing (109.6, up from 95.1 in Might 2025). Agro-Allied (108.2), Livestock (105.2), and Forestry (100.0) additionally remained within the enlargement area. Regardless of these beneficial properties, many agribusiness homeowners pointed to a number of ongoing challenges affecting their operations, with restricted entry to finance being probably the most vital. Many reported issue securing loans, which limits their means to acquire important inputs like feed, medicine, and agricultural tools. Different challenges embrace infrastructure deficits notably unreliable energy provide and weak transportation and logistics networks rising enter prices, excessive rental and operational bills, rising insecurity, and regulatory burdens. Unstable energy provide stays a serious concern, particularly for poultry and fish farmers who rely closely on chilly storage and water techniques, thus rising their vitality prices. This example contributed to an increase within the cost-of-doing enterprise index to 136.3 in June, from 120.2 in Might 2025.
NESG–Stanbic IBTC Enterprise Confidence Monitor (BCM) Index for the manufacturing sector confirmed that companies skilled enlargement, recording an index of 123.6 factors in June 2025. This marks a big enchancment from 114.4 factors in Might 2025. The uptick displays stronger efficiency throughout key sub-sectors, boosting total manufacturing output in Nigeria. Main contributors to this enlargement embrace Textile, Attire & Footwear; Cement; Plastic and Rubber Merchandise; Wooden and Wooden Merchandise; and Pulp, Paper and Paper Merchandise. Regardless of this progress, producers highlighted persistent structural constraints, uncooked materials shortages, unreliable electrical energy, excessive import tariffs, inflation, and insecurity. Rising manufacturing prices, excessive rents, imported machine elements, and diesel worsened by weak home foreign money proceed to weigh on output and income. A number of taxes, weak demand, unstable insurance policies, and poor entry to finance additional stifle progress and enlargement. As well as, insecurity hampers the sourcing of uncooked supplies, additional disrupting manufacturing. Whereas most sub-sectors recorded constructive efficiency, some notably Motor Car and Meeting posted declines. Nonetheless, the energy of main sub-sectors outweighed these losses, driving the sector’s total index enchancment.
Enterprise circumstances in Nigeria’s non-manufacturing sector posted a studying of +120.7 factors in June 2025. This marks the second month in a row of declining enterprise efficiency, highlighting rising considerations amongst companies concerning the difficult {economic} surroundings. Whereas nonetheless inside enlargement territory, the index continues a downward pattern from 123.6 factors in April and 122.2 in Might, reflecting rising strains on sector-wide enterprise optimism. Many non-manufacturing industries attributed the weakening momentum to persistent structural and macroeconomic challenges. Poor energy provide has elevated reliance on expensive diesel, whereas excessive rents, dilapidated roads, and different infrastructural deficits have inflated manufacturing and transportation prices, eroding enterprise effectivity. Though the general efficiency remained constructive, the outlook different throughout sub sectors. Other than Oil and Fuel Companies, which reported improved enterprise exercise, all different sub-sectors registered a decline in comparison with Might, with “Different Non-Manufacturing” sliding into contraction at 98.4 factors. Amplifying these pressures are rising change charges and restricted entry to finance, which hinder procurement and planning. In the meantime, mounting regulatory burdens and elevated inflation proceed to compress productiveness and revenue margins. These worsening circumstances have elevated operational prices, curtailed enlargement, and weakened investor confidence throughout the sector.
Nigeria’s Companies sector sustained its enterprise enlargement momentum in June 2025, following a slight slowdown within the earlier month (Might 2025). The NESG–Stanbic IBTC Companies Enterprise Confidence Monitor (BCM) Index rose to 106.3 factors from 104.5 in Might 2025. The development in enterprise efficiency was pushed by progress within the Broadcasting and Actual Property sub-sectors, supported by rising shopper/client demand and extra steady working circumstances 5 of the six main service sub-sectors recorded enterprise enlargement. Nevertheless, the Telecommunications and Info Companies sub-sector skilled a contraction resulting from structural challenges, together with the rising value of service supply primarily energy-related-delayed tariff changes, excessive change charges, and hovering dollar-denominated bills for tower leases, community tools, and worldwide connectivity. Different Companies sub-sectors reported weak enlargement in June, as amplified enterprise constraints resembling energy-related value pressures, logistics bottlenecks, foreign money volatility, and protracted safety points, notably in northern and rural areas continued to hinder service progress and lift working prices. These components eroded competitiveness and dampened enterprise exercise in the course of the interval.
The NESG–Stanbic IBTC Commerce index recorded an enlargement in June 2025, with the index rising to 121.0 factors, up from 114.1 factors in Might 2025. The Retail sub-sector confirmed a notable rebound, shifting from the contraction zone of 89.2 factors in Might to 111.7 factors in June 2025. In distinction, the Wholesale sub-sector skilled a slight decline however remained within the enlargement zone, registering 130.3 factors in June. This efficiency underscores the enduring structural and macroeconomic constraints that proceed to weigh closely on the commerce sector. The modest enchancment in some areas of sectoral efficiency was largely pushed by elevated client demand for important items, relative stability within the retail costs of fast-moving client items (FMCGs), and improved circumstances in provide chain logistics. Merchants throughout key city facilities reported larger gross sales volumes in meals objects, private care merchandise, and family necessities classes usually thought-about non-discretionary partly resulting from heightened demand from festival-related actions nationwide. Regardless of these beneficial properties, many commerce companies in Nigeria proceed to battle with a variety of structural and operational challenges that impede their progress and profitability. Chief amongst these is the dearth of capital, adopted intently by market worth volatility and logistics and transportation bottlenecks. These challenges discourage funding, scale back enterprise competitiveness, and make it more and more troublesome for entrepreneurs to maintain operations. Entrepreneurs incessantly cite restricted entry to inexpensive financing and prohibitively excessive rates of interest on loans as key constraints. These {financial} obstacles hinder the flexibility to broaden operations, replenish stock, or put money into productivity-enhancing instruments.
To seize the short-term outlook and efficiency expectations of enterprise homeowners within the nation, the NESG–Stanbic IBTC Future Enterprise Expectation Index supplies insights into the degrees of optimism and pessimism amongst companies for the following one to a few months. For June 2025, the index stood at 134.5 factors, reflecting a slight enchancment from 132.4 factors in Might 2025. Throughout the sectors, the Manufacturing sector recorded the best optimism at 160.4 factors, adopted by Commerce (158.0 factors) and non-manufacturing (153.5 factors). In the meantime, the Companies sector, at 122.3 factors, confirmed the bottom degree of optimism relating to anticipated enhancements within the enterprise surroundings. Notably, sentiment improved in 4 sectors; Non-manufacturing, Manufacturing, Companies, and Agriculture in comparison with Might 2025, suggesting that regardless of larger index scores, companies stay cautiously optimistic of their expectations resulting from ongoing macroeconomic uncertainties. The widely optimistic outlook for Nigerian companies is pushed by a mixture of seasonal {economic} exercise, policy-driven interventions, relative change charge stability, ongoing infrastructure growth, and a gradual restoration in client demand. These drivers proceed to assist cautious optimism throughout numerous sectors, notably in Agriculture, Retail Commerce, Non-manufacturing, and Companies. As these constructive traits proceed to construct momentum, many companies are positioning themselves to reap the benefits of new alternatives and extra favorable working circumstances.
