Nigeria’s business activity rebounds in July 2026, NESG index at 108.6 points

Nigeria’s business activity rebounded strongly in July 2026, with the Nigerian Economic Summit Group’s Current Business Performance Index rising to 108.6 points – its highest level since February. The index shows expansion across major sectors: Agriculture rose to 110.8 from 103.9 in June, Manufacturing to 110.5 from 106.4, Non‑Manufacturing surged to 116.6 from 106.8, and Services moved into expansion at 108.3 from 98.5. Trade edged up to 102.8, while Oil & Gas Services entered expansion and Crude Petroleum and Natural Gas recorded stronger expansion. However, Telecoms and Information Services slipped into contraction.

The improvement came despite persistent challenges: limited access to financing, inadequate power supply, high property rental costs, insecurity and infrastructure bottlenecks. Analysts warn that manufacturers still face high energy costs, borrowing costs and weak demand, with headline inflation at 15.91% in June and the CBN keeping the Monetary Policy Rate at 26.5%. The Future Business Expectation Index, gauging outlook for the next one‑to‑three months, stood at 128.3 points in July, slightly below June’s 128.4.

For businesses and investors, the data signal renewed private‑sector momentum but also highlight where policy action is needed—especially in credit access, power reliability and security—to sustain growth. Will you adjust your investment or expansion plans based on these mixed signals of strength and lingering constraints?

SOURCE: https://nairametrics.com/2026/08/05/nigerias-business-activity-hits-five-month-high-in-july-nesg/