High, Multiple Tax Constrains Businesses as Confidence Rises

Months into the implementation of the new tax laws, businesses have identified high and multiple taxation as one of their top constraints, even as the Business Confidence Index (BCI) strengthened from 5.7 to 14.8 in August 2026. According to the August Business Expectations Survey report released by the Central Bank of Nigeria (CBN), businesses surveyed listed high and multiple taxation alongside insecurity and high interest rate with 67.8, 66.9, and 63.5 index points respectively, as the top three business constraints. They also listed high bank charges with 61.1 index points, followed by competition with 59.5 index points, as well as unclear economic laws at 57.7 index points and unfavourable economic climate with 57.7 index points as constraints to business. At the bottom of the top 10 constraints were unfavourable political climate and poor infrastructure, reflecting relatively lower, though still considerable challenges, while all sectors indicated optimism about the macroeconomy.

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