NESG: Agriculture, Manufacturing, Others Record Stronger Business Expansion in July

The Nigerian Economic Society Group's Business Confidence Monitor (BCM) has reported stronger business expansion in various sectors, including agriculture, manufacturing, trade, services, and non-manufacturing industries, in July 2026. The Current Business Performance Index (CBPI) increased to 108.6 points, up from 104.6 points in June 2026, marking a significant improvement compared to 105.4 points in July 2025.

The report highlighted that business activities in agriculture sustained expansionary momentum, with the CBPI for the sector reaching 110.8 points, up from 103.9 points in July 2025. This growth was attributed to positive performance across subsectors during the month.

Manufacturing also reported an expansion in July 2026, with the CBPI rising to 110.5 points from 106.4 points in the previous month. This increase reflected strong performance in the cement and textile subsectors. Non-manufacturing industries also experienced expansionary business activity, with the CBPI accelerating to 116.6 points from 106.8 points in June 2026. The strong performance was driven by the oil and gas services and crude petroleum sectors, which showed robust expansion compared to the previous month.

The services sector moved into the expansion region in July 2026, with the CBPI increasing to 108.3 points from 98.5 in June 2026. This recovery was supported by strong performance across most subsectors, particularly financial institutions, real estate, and professional, scientific, and technical services.

The trade sector also witnessed expansionary business activity, with the CBPI rising to 102.8 points in July from 102.0 points in the previous month. However, this performance was slightly lower compared to July 2025.