Limited access to finance now poses the biggest headache for businesses in Nigeria, even as firms’ performance in Africa’s most populous nation maintains a positive foothold for the seventh consecutive month.
“In the month (July), limited access to financing was considered the most significant constraint on business growth,” the Nigeria Economic Summit Group said in its newly published flagship Business Confidence Monitor survey, supported by Stanbic IBTC.
This comes as the Central Bank of Nigeria (CBN) continues its monetary tightening measures in a bid to curb stubbornly high inflation and shore up the naira, which is now more stable than at any time in the past.