High taxes, bank charges top business constraints in September — CBN
A Business Expectations Survey Report published by the Central Bank of Nigeria (CBN) revealed that in September 2025, the biggest challenges facing Nigerian businesses were High/Multiple Taxes, High Bank Charges, and Poor Infrastructure.
The survey highlighted that High Bank Charges (70.8), High/Multiple Taxes (70.8), and Poor Infrastructure (70.7) ranked as the most significant obstacles limiting business activities across the nation.
Despite these hurdles, the report noted that business sentiment remained somewhat positive, with the Confidence Index recorded at 31.5 index points for September 2025.
Businesses in the North-East showed the strongest optimism at 48.7 index points, while those in the South-East were the least optimistic, with a score of 7.3 index points.
The CBN explained that the low confidence level in the South-East could be tied to intensified business difficulties, particularly poor infrastructure and multiple taxation imposed at both state and local levels.
Other major concerns raised by respondents included Unfavourable Economic Policies (64.9), Unpredictable Exchange Rate Movements (62.3), Limited Access to Credit (58.5), and Inflationary Pressures (55.6).
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Towards the end of the rankings were Competition (40.4) and Insufficient Power Supply (37.8), which, though still relevant, were mentioned less frequently compared to financial and tax-related challenges.
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The survey further projected that optimism could reach 51.8 index points over the next six months, indicating a cautiously hopeful outlook among business operators regarding future economic conditions.
In addition, Nigeria’s economy maintained its upward trend in September 2025, with the Purchasing Managers’ Index (PMI) climbing to 54.0 points, according to the CBN’s latest data.
The apex bank noted that this reflects a rise from 51.7 points in August, marking the tenth consecutive month of economic expansion.
The report added that Composite PMI growth, supported by solid performances in the Industry, Services, and Agriculture sectors, signaled sustained improvement in economic activity and business confidence across the country.