Nigeria’s private sector maintained its recovery momentum in April 2026 as the Nigerian Economic Summit Group reported that its Business Confidence Monitor Current Business Performance Index rose to 102.1 points.

NESG made this known in its latest Business Confidence Monitor released on Tuesday.

The latest data shows a marginal increase from 101.2 points recorded in March.

However, despite the improvement, business conditions remain weaker compared to April 2025, when the index stood significantly higher at 112.3 points.

NESG data indicates that business activities continued to expand in April, supported by gains in key sectors, although overall performance remains below last year’s levels.

This marks the fourth consecutive month of expansion above the 100-point threshold

Agriculture and Non-Manufacturing sectors drove the overall improvement
The data highlights a gradual recovery trend, though uneven across sectors.

Sectoral performance showed mixed outcomes, with agriculture and non-manufacturing supporting growth, while manufacturing slipped back into contraction.

Agriculture rebounded to 103.2 points from 91.1 points, driven by crop production and livestock activities
Non-Manufacturing rose to 101.6 points from 98.4 points, indicating improved activity outside industrial production
Manufacturing declined to 98.7 points from 103.4 points, returning to contraction

Services remained in expansion at 101.5 points, though weaker than 104.7 points in March

Within manufacturing, sub-sectors such as textiles, cement, chemicals, and motor vehicle assembly recorded weak performance, while only food, beverage, tobacco, and basic metals sustained growth.

The Trade sector also remained in expansion at 102.7 points, supported by improved consumer spending, although performance slowed compared to previous months.

Despite gains in production, demand, cash flow, and employment, investment and export activities remained in contraction, reflecting persistent structural challenges.

Nigeria’s business environment remained in the expansionary zone in March 2026, but with significantly weaker momentum.

NESG reported that Manufacturing declined to 103.4 points from 121.1, while Trade eased to 103.8 points from 108.7.

Services recorded 104.7 points, maintaining expansion but at a slower pace.

Non-Manufacturing and Agriculture slipped into contraction at 98.4 points and 91.1 points, respectively.