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The Nigerian Economic Summit Group (NESG) has reported that the country’s economic growth rate slowed down in July 2025, citing high interest rates and insecurity as major contributors to the decline. According to the latest NESG-Stanbic IBTC Business Confidence Monitor (BCM) report for July 2025, the manufacturing sector led the business slowdown, recording the steepest decline.
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“The Current Business Index slightly declined to 105.4 points in July, down from 113.6 points in June 2025.” This slowdown in business performance is attributed to several headwinds, including “constrained access to finance due to high interest rates, insecurity, and insufficient power supply.” These factors have weakened operational stability and business profitability.
The manufacturing sector recorded the steepest decline, slipping into the contraction region at 98.0 index points. Other sectors, including non-manufacturing (112.6), agriculture (107.0), trade (103.2), and services (101.9), also saw a slowdown in activity compared to June 2025.
The report highlighted major constraints faced by businesses, including “limited access to financing, unreliable electricity supply, inconsistent economic policies, high commercial lease and rental costs, and insecurity.” These persistent issues continue to challenge business resilience and limit the potential for sustained growth in Nigeria’s business environment.
The cost of doing business slightly reversed the upward trend in July, with input prices surging during the period. Despite the overall positive business sentiment, structural challenges hindering growth were more pronounced at the sectoral level.” These persistent issues continue to challenge business resilience and limit the potential for sustained growth in Nigeria’s business environment.
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Jonathan Nwokpor
