A new business confidence monitor by the Nigeria Economic Summit Group (NESG) in partnership with Stanbic IBTC says business performances were weakened by high inflation, unaffordable interest rates and foreign exchange instability in October.
The report stated that the Nigerian business environment is characterised by weak performance and a bleak future.
According to the report, the performance of businesses at -23.24 was weaker than the previous month. It noted that the top impediments to growth were inadequate power supply, insecurity and limited access to financing.
The report noted that Nigeria’s business environment faced significant challenges due to persistent inflation, which is raising costs and reducing purchasing power.
The obstacles, it said, include limited access to finance, low employment levels and restricted cash flow, which are pushing up operational costs, discouraging investment…
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