The Nigerian Economic Summit Group (NESG) released its latest Business Confidence Monitor (BCM) report on May 5, 2026, confirming that Nigeria’s private sector maintained its recovery momentum throughout April. The Current Business Performance Index rose to 102.1 points, up from 101.2 points in March. This marks the fourth consecutive month that the index has stayed above the 100-point threshold, indicating a sustained period of expansion in the national economy.
The report highlighted that the improvement was primarily driven by the Agriculture and Non-Manufacturing sectors. The Agriculture sector, in particular, saw a significant rebound to 103.2 points from a low of 91.1 points in previous months, largely due to successful dry-season farming cycles and improved security in key food-producing regions. The Services and Trade sectors also remained in expansionary territory, supported by increased consumer spending following the implementation of early-year tax reliefs for low-income earners.
However, the NESG noted that the recovery remains uneven. While agriculture and services flourished, the Manufacturing sector dipped slightly into contraction at 98.7 points, hampered by persistent structural challenges and the high cost of raw material imports. Despite this, the overall business sentiment remains positive compared to the start of the year. Economists suggest that if the current momentum in the non-oil sector continues, the country is well-positioned to meet its revised GDP growth targets for the second quarter of 2026.
