High Bank Charges, Multiple Taxes Remain Top Business Challenges — CBN Report

By OBIOMA TORI

HIGH bank charges, multiple taxes, and poor infrastructure were the biggest challenges facing Nigerian businesses in September, according to the Central Bank of Nigeria’s (CBN) Business Expectations Survey Report.

The report showed that 70.8% of respondents cited high bank charges and taxes as major constraints, while 70.7% pointed to inadequate infrastructure. Despite these hurdles, business confidence stood at 31.5 index points, with optimism projected to rise to 51.8 over the next six months.

Regional analysis revealed that businesses in the North-east were the most optimistic (48.7 points), while those in the South-east showed the least optimism (7.3 points), largely due to poor infrastructure and multiple taxation.

Other concerns included unfavourable economic policies (64.9%), unstable exchange rates (62.3%), limited credit access (58.5%), and inflationary pressures (55.6%).