NESG index rises for fourth straight month, but performance still trails 2025 levels amid uneven sector growth….
Nigeria’s private sector sustained its gradual recovery in April 2026, with fresh data from the Nigerian Economic Summit Group (NESG) showing continued expansion in business activity, albeit at a slower pace than a year ago.
According to the group’s latest Business Confidence Monitor (BCM), the Current Business Performance Index edged up to 102.1 points in April, a slight improvement from 101.2 points recorded in March. The reading marks the fourth consecutive month above the 100-point threshold, signaling ongoing expansion across the economy.
Despite the positive trend, the data also highlights a clear gap compared to April 2025, when the index stood significantly higher at 112.3 points underscoring the fragile nature of the current recovery.
The report points to agriculture and non-manufacturing as the main drivers of growth during the month. Agricultural activity rebounded strongly to 103.2 points from 91.1, supported by gains in crop production and livestock farming. Similarly, the non-manufacturing sector climbed to 101.6 points, reflecting improved activity outside core industrial production.
However, the picture remains mixed across sectors. Manufacturing slipped back into contraction, dropping to 98.7 points from 103.4 in March. Key sub-sectors including textiles, cement, chemicals, and vehicle assembly recorded weaker performance, while only food, beverages, tobacco, and basic metals managed to sustain growth.
The services sector remained in expansion territory at 101.5 points, though momentum slowed compared to the previous month. Trade also stayed positive at 102.7 points, buoyed by modest improvements in consumer spending, even as the pace of growth softened.
Beyond sectoral performance, the report reveals deeper structural concerns. While production levels, demand, cash flow, and employment all showed signs of improvement, both investment and export activities continued to contract pointing to underlying constraints that could limit long-term growth.
The April figures build on trends observed in March, when the private sector remained in expansion but with noticeably weaker momentum across key indicators.
Taken together, the data suggests that while Nigeria’s business environment is stabilizing, the recovery remains uneven and vulnerable. Sustaining growth, analysts say, will likely depend on addressing persistent challenges around investment, exports, and broader economic conditions.
