Nigeria’s economy has maintained a continuous expansion for 11 months, driven primarily by growth in the manufacturing and trade sectors, the Nigerian Economic Summit Group (NESG) has reported.

According to the NESG Stanbic IBTC Business Confidence Monitor (BCM), the Current Business Performance Index rose to 111.3 points in October 2025, up from 107.9 points in September and 76.8 points in October 2024, reflecting steady improvement in business activity across multiple sectors.

Sectoral Performance

A sectoral review showed that all five major economic activities remained in the expansion zone:

• Manufacturing: 111.3 points (+8.8 points)
• Trade: 115.4 points (+7.8 points)
• Non-Manufacturing: 115.0 points
• Agriculture: 111.4 points
• Services: 111.0 points

The Manufacturing and Trade sectors recorded the strongest gains, signaling robust production and trading activity, while other sectors also expanded at a steady pace.

Drivers of Growth

The report attributed the expansion to several factors:

• Increased production and demand in the manufacturing sector
• Improved access to credit for businesses
• Lower inflation and a stable exchange rate, supporting consumer spending and industrial output

Sub-sectors such as Food & Beverage, Cement, and Plastic & Rubber products were highlighted for particularly strong performance.

Business Sentiment

While overall optimism remained positive, it was slightly lower than in September 2025. Survey participants linked the uptick in future sentiment to ongoing policy reforms, a stable exchange rate, gradual recovery in consumer demand, and seasonal economic activity.

Muyiwa Oni, Regional Head of Equity Research for West Africa at Standard Bank Group, noted that the broad improvement in business activities across sectors contributed to the sustained economic expansion, marking the 11th consecutive month of growth in Nigeria’s business environment.