A new survey by the Central Bank of Nigeria (CBN) has found that despite tax reforms introduced by the federal government, multiple taxation remains the biggest challenge confronting businesses across Nigeria.
Findings of the CBN’s Business Expectations Survey for July 2026, showed that 70.8% of respondents identified high and multiple taxation as their most pressing business constraint, ahead of insecurity and high interest rates.
According to the report, although the Tinubu administration has introduced far-reaching reforms aimed at simplifying Nigeria’s tax system and improving the ease of doing business, many businesses are yet to experience meaningful relief from the burden of multiple taxes and levies.
The survey shows that businesses continue to face several structural challenges despite improvements in some macroeconomic indicators.
Multiple taxation was closely followed by insecurity at 69.7, while high interest rates ranked third at 66.3.
Other major constraints included unfavourable political climate (62.2), high bank charges (62.0), competition (61.1), unclear economic laws (58.4), financial constraints (56.6), and poor infrastructure (55.1).
The report indicates that taxation-related issues continue to outweigh other business concerns, underscoring the need for more effective implementation of the government’s tax reform agenda.
The survey also showed growing optimism about Nigeria’s foreign exchange outlook. Businesses expect the naira to appreciate gradually against the U.S. dollar over the coming months, with exchange rate expectation indices rising from 4.7 for the current month to 16.1 for the next month, 25.8 over the next three months, and 30.7 over the next six months.
However, businesses remain cautious about financing conditions.
Respondents expect borrowing rates to remain elevated in the near and medium term. Borrowing rate indices remained consistently positive at around 18–19 points, indicating expectations of only a marginal decline in lending costs.
The CBN said the outlook suggests financing conditions may ease slightly but are expected to remain relatively tight. Overall, the survey points to improving exchange rate expectations but persistent concerns over the cost of doing business.
