Nigeria’s business environment continues to face daunting challenges, as revealed by a recent survey conducted by the Central Bank of Nigeria (CBN). According to the report, which was shared by Nigerian Stories on its official X handle, businesses across the country grappled with several constraints in December 2024, with high bank charges, poor infrastructure, an unfavorable economic climate, insecurity, and limited access to credit topping the list.
The survey underscores the growing frustration among business owners who struggle to navigate Nigeria’s volatile economy. High bank charges have become a major burden, significantly eroding profits and discouraging expansion. Meanwhile, inadequate infrastructure—ranging from erratic power supply to poor road networks—continues to stifle productivity and increase operational costs.
Additionally, the country’s harsh economic climate, marked by inflation, forex instability, and dwindling consumer purchasing power, has further weakened business confidence. Insecurity remains a pressing concern, with businesses in various sectors struggling against the threats posed by banditry, kidnappings, and other criminal activities.
Access to credit is another major hurdle, as many small and medium-sized enterprises (SMEs) find it increasingly difficult to secure loans due to stringent banking policies and high-interest rates. This has stunted innovation and limited job creation in a country where SMEs play a crucial role in economic growth.
The CBN’s report paints a stark picture of Nigeria’s business landscape, raising urgent questions about the need for policy interventions that can ease financial burdens, improve infrastructure, enhance security, and create a more business-friendly environment. As stakeholders digest these findings, all eyes are now on the government and financial institutions to implement reforms that will support economic recovery and sustainable growth.
PIONEER NEWS 