Businesses and households in Nigeria have identified high interest rates, multiple taxes, and poor infrastructure as major challenges affecting their operations in September, according to the Central Bank of Nigeria.
The CBN disclosed this in its latest Business Expectation Survey, where it noted that despite these challenges, business owners remain hopeful about economic conditions in the months ahead.
“The Confidence Index stood at 31.5 index points in September 2025, showing optimism about the macroeconomy. This optimism is projected to rise to 51.8 index points over the next six months,” the report said.
According to the bank, most respondents listed high bank charges (70.8), multiple taxes (70.8), and poor infrastructure (70.7) as their biggest business constraints. It added that competition and poor power supply ranked lower, showing that financial pressures weighed more heavily on businesses than political or market-related issues.
Meanwhile, the CBN’s Household Expectations Survey showed that many Nigerians still believe prices will rise in the coming months. The overall consumer sentiment index improved slightly from -7.2 points in August to -6.4 points in September, suggesting that while inflation remains a concern, confidence is gradually improving.
The report also showed that the Economic Condition Index rose from -4.3 points in August to -2.9 points in September, while the Family Financial Situation Index improved from -17.0 to -16.5 points. The Family Income Sentiment Index moved into positive territory for the first time since April, standing at 0.1 points.
In its Inflation Expectation Survey, the CBN said rural residents felt the impact of inflation more than their urban counterparts. “Rural respondents (73.9 percent) indicated a higher perception of high inflation than their urban counterparts (72.4 percent),” the bank stated.
The apex bank said the findings show that while businesses and households continue to face financial strain, there is cautious optimism that the economy will improve in the coming months.
