High bank charges, multiple taxes and inadequate infrastructure have been identified as the major operational costs businesses in Nigeria were faced with in the month of September.
This is according to the Business Expectations Survey Report released by the Central Bank of Nigeria (CBN).
The Business Expectations Survey is critical for understanding the health of Nigeria’s business environment and the broader economy. Despite the positive trend in the Purchasing Managers’ Index (PMI) and growing optimism about future conditions, the persistent structural challenges highlighted in the report: high bank charges, multiple taxation, and poor infrastructure, pose significant threats to sustainable growth.
The survey revealed that respondents identified High Bank Charges (70.8), High/Multiple Taxes (70.8), and Poor Infrastructure (70.7) as the three most pressing challenges hindering business operations across the country.
The report showed that despite these challenges, there was a modest level of optimism among businesses.
The Confidence Index, the report stated, stood at 31.5 index points in September 2025, reflecting the expectation of moderate improvement in the macroeconomic environment.
The survey also projected optimism to peak at 51.8 index points over the next six months, signalling cautious confidence among respondents about future economic conditions.
According to the report, there were significant regional differences in sentiment, with businesses in the North-east expressing the highest level of optimism at 48.7 index points, while those in the South-east recorded the lowest at 7.3 index points.
The CBN said the low optimism in the South-east may be linked to a higher prevalence of business constraints, including poor infrastructure and multiple taxation at state and local levels.
Other notable constraints identified by businesses include unfavourable economic policies (64.9), unpredictable exchange rate movements (62.3), limited access to credit (58.5), and inflationary pressures (55.6).
At the lower end of the list, the report noted, were competition (40.4) and insufficient power supply (37.8), which, while still significant, were less frequently cited compared to financial and fiscal burdens.
