Nigerian businesses continued to face significant operating pressures in September, with multiple taxation, insecurity and elevated interest rates emerging as the biggest obstacles to business activity, according to the Central Bank of Nigeria.
The findings were contained in the apex bank’s latest Business Expectations Survey, which showed that although firms remained under pressure, overall business sentiment stayed positive during the month.
The Business Confidence Index stood at 13.4 points in September, indicating that businesses remained optimistic about the operating environment despite the challenges confronting them.
The survey also showed that firms expect conditions to improve over the coming months, driven largely by stronger demand, economic diversification and improved access to finance.
Tax-related pressures ranked as the most significant concern among businesses surveyed by the CBN.
High or multiple taxation recorded 67.1 index points, placing it ahead of insecurity and high interest rates.Insecurity ranked second with 66.2 points, while high interest rates recorded 64.3 points, highlighting the combined pressure of government charges, security risks and expensive credit on business operations.