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Multiple taxation, insecurity and high interest rates remained the major concerns for Nigerian businesses in September, according to the Central Bank of Nigeria’s latest Business Expectations Survey.

The survey showed that despite the challenges, business confidence remained positive during the month, with the Business Confidence Index standing at 13.4 points.

Multiple or high taxation ranked as the biggest constraint, recording 67.1 points. Insecurity followed with 66.2 points, while high interest rates recorded 64.3 points.

Other concerns included an unfavourable political climate, high bank charges, competition, unclear economic laws and unfavourable economic conditions.

Financial constraints scored 57.5 points, while poor infrastructure recorded 55 points, placing it last among the 10 major constraints identified by the survey.

Despite the pressures, businesses expected conditions to improve in the coming months. Respondents cited increased demand, economic diversification and better access to finance as major factors supporting the positive outlook.

Increased demand accounted for 29.3 per cent of the factors supporting business optimism, followed by economic diversification at 18.9 per cent and access to finance at 13.5 per cent.

The CBN also reported broadly positive regional sentiment, although the South-East did not share the positive near-term outlook recorded in other regions.

The findings highlight the continued pressure businesses face from operating costs, security concerns and expensive credit.