CBN Survey: High Bank Charges, Multiple Taxes Top Business Challenges

High bank charges, multiple taxation, and poor infrastructure have been identified as the top three challenges facing Nigerian businesses, according to the Central Bank of Nigeria’s (CBN) latest Business Expectations Survey for September 2025.

The report showed that 70.8% of respondents cited high bank charges and multiple taxes as their biggest constraints, followed closely by poor infrastructure at 70.7%.

Despite these challenges, the Business Confidence Index stood at 31.5 points, reflecting a measure of cautious optimism among firms nationwide.

Regional data showed that businesses in the North-East were the most optimistic, recording 48.7 index points, while those in the South-East were the least confident at 7.3 points. The CBN noted that low optimism in the South-East was linked to “a higher prevalence of poor infrastructure and multiple taxation at state and local levels.”

Other major challenges highlighted by respondents included unfavourable economic policies (64.9%), exchange rate instability (62.3%), limited access to credit (58.5%), and inflationary pressures (55.6%).

In contrast, competition (40.4%) and poor power supply (37.8%) were cited less frequently, suggesting that fiscal and financial burdens remain the primary obstacles to growth.

The survey also forecasted that business confidence could rise to 51.8 index points over the next six months, signaling improved optimism about future economic conditions.

Meanwhile, Nigeria’s economy maintained its growth trajectory in September, with the Purchasing Managers’ Index (PMI) climbing to 54.0 points from 51.7 in August—its tenth consecutive month of expansion.

The CBN attributed the PMI growth to stronger performances across the Industry, Services, and Agriculture sectors, reflecting “continued improvement in overall economic activity and business confidence nationwide.”