Nigeria’s business activity reached a record 117.8 points in September 2026, according to the Nigerian Economic Summit Group (NESG). While trade performance was boosted by back-to-school demand, the overall index was tempered by slower activity in manufacturing and services. Despite the growth, businesses continue to face significant headwinds, including high operating costs, financing constraints, infrastructure bottlenecks, and persistent insecurity. The NESG Future Business Expectation Index remains optimistic but cautious at 128.9 points.