Lagos State has been ranked as the best state for doing business in Nigeria, reaffirming its position as the country’s economic powerhouse, according to a new nationwide assessment of business environments.

The report was unveiled in Abuja on March 28 during the Reform and Diplomatic Roundtable 2026, organised by the Presidential Enabling Business Environment Council in collaboration with UK International Development and the Nigeria Economic Stability and Transformation Programme.

Top-performing states

Lagos secured the top position due to its strong regulatory framework, infrastructure, and institutional transparency. It was followed by Kaduna State, Oyo State, the Federal Capital Territory, Ogun State, Enugu State, Plateau State, Ekiti State, Kano State, and Nasarawa State.

State-level reforms now critical

The report emphasised that Nigeria’s economic growth is increasingly influenced by how well state governments tackle local business challenges.

With over 39 million Micro, Small and Medium-sized Enterprises (MSMEs) operating nationwide, subnational performance is now a key determinant of economic resilience and long-term growth.

It noted that while federal reforms remain important, the real business climate is shaped at the state level, where companies interact daily with regulatory systems and infrastructure.

How the ranking was determined

The assessment used 16 key indicators, including electricity access, infrastructure, digital connectivity, land administration, taxation, trade logistics, and workforce development.

These were further broken down into 36 sub-indicators tied to administrative data, ensuring that rankings reflect both policy frameworks and actual service delivery.

Why Lagos ranked first

Lagos stood out due to its relatively stable electricity supply, efficient land administration, and functional commercial courts.

The state also benefits from strong market access, a skilled workforce, and critical infrastructure such as airports and rail networks, which support business operations.

However, the report identified areas for improvement, including issues like touting, weak investor aftercare systems, and uneven digital connectivity in less urbanised areas.

Regional performance gaps

A regional breakdown showed uneven performance across Nigeria’s geopolitical zones.

The South-West dominated the top 10 with four states, followed by the North-Central with three. The North-West had two states, while the South-East had only one entry.

Notably, no state from the North-East or South-South regions made the top 10 list.

Spotlight on Enugu

Enugu State, the only South-East state ranked, placed sixth with strengths in digital infrastructure, electricity access, and workforce development.

However, it continues to face challenges related to access to credit and investor support systems.

Key challenges and recommendations

The report highlighted persistent barriers such as slow business registration processes and limited transparency, which discourage many MSMEs from formalising their operations.

To address these issues, it outlined key reforms including digitising land administration, improving access to credit, expanding commercial courts, and strengthening dispute resolution systems.

Other recommendations include improving logistics infrastructure, enhancing digital connectivity, removing interstate trade barriers, and establishing one-stop investment centres.

Outlook

The findings underscore the growing importance of subnational reforms in shaping Nigeria’s business environment.

Analysts say sustained improvements at the state level will be critical to unlocking economic growth, attracting investment, and supporting millions of businesses across the country.

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The Bank of Industry (BOI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, a move aimed at expanding access to ethical and inclusive financing for underserved business segments.

The approval allows BOI to formally roll out non-interest banking products designed to support Nigeria’s industrial development, particularly for businesses that avoid conventional interest-based financing.

In a statement, BOI’s Divisional Head of Public Relations, Theodora Amechi, said the regulatory nod positions the bank to deepen its impact across the real economy by offering tailored financial solutions aligned with social and developmental objectives.

According to the bank, the Non-Interest Banking operations will promote inclusive growth, mobilise ethical funding, and support the financing of customer assets and raw materials using approved non-interest products.

“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments,” the bank stated.

It added that the initiative would expand BOI’s reach to businesses that have traditionally been excluded from conventional credit channels, particularly faith-sensitive and ethically motivated enterprises.

Expanding Access to Ethical Financing

With the launch of the NIB Window, BOI said it would be able to finance customers’ assets and raw materials under non-interest structures, providing alternatives to interest-based loans while supporting productive economic activities.

The Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, described the approval as a major milestone in the bank’s transformation agenda.

“This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served,” Olusi said.

He noted that the CBN’s approval reflects confidence in BOI’s commitment to responsible financing and would enable the institution to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs).

Olusi added that the non-interest banking framework would open new opportunities for businesses facing challenges accessing traditional credit, allowing them to participate more confidently in the formal financial system.

Driving Inclusive Industrial Growth

BOI said the decision to commence non-interest banking operations is part of a broader strategy to drive inclusive economic growth and strengthen support for Nigeria’s real sector.

By mobilising ethical funding and aligning financing activities with developmental goals, the bank aims to enhance industrial productivity while catering to diverse financing preferences within the economy.

As Nigeria’s foremost Development Finance Institution, BOI plays a central role in funding the establishment and expansion of large, medium, small-scale, and micro enterprises across key sectors of the economy.

The institution was established in 1959 as the Investment Company of Nigeria (ICON), later reconstituted as the Nigerian Industrial Development Bank (NIDB) in 1964 under World Bank guidance. It assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).

BOI’s primary mandate remains the provision of financial assistance to support industrial growth and inclusive economic development across Nigeria.

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In the July 2025 edition of the Lagos Business School Executive Breakfast Series, Rewane explained that Dangote Refinery’s decision to invest over ₦1.7 trillion annually in fuel logistics is a game-changing development. The distribution strategy includes 4,000 compressed natural gas (CNG) trucks to supply petrol and diesel directly to end-users.

Rewane noted that this approach will reduce pump prices, support small businesses, and ultimately curb inflation. As of May 2025, Nigeria’s headline inflation stood at 22.97 percent.

“With 4,000 CNG-powered trucks delivering fuel to the doorsteps of Nigerians, pump prices will drop, inflation will ease, and businesses will gain better access to energy,” Rewane stated in the FDC report.

Despite the positive economic outlook, the move has sparked concerns among fuel marketers and retailers. They argue that the direct-to-consumer model could lead to widespread job losses in the traditional fuel distribution chain.

Fuel prices in Nigeria have decreased over the past week. This trend is due to a global drop in crude oil prices and Dangote Refinery’s decision to reduce the ex-depot price of petrol from ₦880 to ₦840 per litre.

In response, the Nigerian National Petroleum Company Limited (NNPC) also reduced prices at its Abuja stations, adjusting pump prices from ₦945 to ₦910 per litre.

Dangote Refinery’s fuel distribution plan may signal a turning point for Nigeria’s energy sector. By lowering logistics costs, supporting small businesses, and reducing fuel prices, the strategy could help stabilize inflation and improve access to energy across the country.

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The inauguration ceremony, held at the State House in Abuja, marks a significant step in the Tinubu administration’s broader effort to promote economic inclusion and remove barriers that have long constrained small businesses.

Describing the NCGC as “a critical engine in our pursuit of economic inclusion and sustainable growth,” Shettima noted that the company will serve as a financial catalyst, offering credit guarantees to reduce the risks faced by banks and other lenders. This, he said, would enable productive Nigerians—including farmers, artisans, traders, and tech entrepreneurs—to access affordable credit without the burden of collateral constraints.

“This company will ensure that a farmer in Ibadan or a startup in Abuja is not denied opportunity simply for lack of guarantees,” the Vice President declared.

The NCGC, established by President Bola Tinubu and announced on May 29, 2025, is expected to act as a bridge between financial institutions and underserved businesses by de-risking loans and stimulating private sector lending.

Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, was appointed as Chairman of the Board, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer. Other key board members include Mrs. Tinoula Aigwedo (Executive Director of Strategy and Operations), Dr. Ezekiel Oseni (Executive Director of Risk Management), and Ms. Yeside Kazeem (Independent Non-Executive Director).

Representatives from major financial institutions and government bodies—such as the Bank of Industry, Nigeria Sovereign Investment Authority, Nigerian Consumer Credit Corporation, and the Ministry of Finance Incorporated—are also part of the board.

In his remarks, Dogara praised the establishment of the company as a means of democratizing economic opportunity, noting that access to credit is a vital component of meaningful citizenship in a functional democracy.

Dr. Olasupo Olusi, Managing Director of the Bank of Industry, underscored that the NCGC reflects the collaborative effort of national and international stakeholders, including the World Bank, to implement structural economic reforms that empower small businesses and drive job creation.

With MSMEs contributing nearly 50% of Nigeria’s GDP, the NCGC is projected to unlock financing that supports innovation, productivity, and inclusive growth. It is expected to serve as a long-term mechanism for enhancing credit access, strengthening value chains, and expanding private sector participation in Nigeria’s evolving financial ecosystem.

Concluding the ceremony, Vice President Shettima formally declared the board inaugurated, reaffirming the administration’s commitment to inclusive economic development through targeted financial reforms.

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Speaking in Abuja on Monday at the inauguration of the oversight committee for the upcoming 4th African Union MSME Forum, Shettima said Nigeria is actively constructing “digital highways and bridges” to enable MSMEs access and thrive in the African market. The forum is set to take place in Abuja from June 23 to 27.

Highlighting key initiatives, Shettima noted that the government has launched a Technology Export and Digital Trade Desk to support entrepreneurs in exporting services and digital products. He also cited the i-DICE programme — a $617.7 million investment in digital and creative enterprises — and the 3 Million Tech Talent initiative, which aims to train Nigerian youth in coding, data science, and digital literacy.

“We have reformed, we have invested, and we are resolved to see this transformation through,” Shettima said. “This forum is indispensable. It provides the blueprint, the platform, and the partnerships that will empower African MSMEs to become the heartbeat of our economic renewal.”

Chairman of the Organising Committee and Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, said the forum will promote knowledge exchange and foster pan-African collaboration in MSME development. He emphasized that the summit’s theme — “Building Resilient MSMEs through Digital Innovation, Market Access, and Affordable Financing for Africa” — aligns with Nigeria’s ongoing reform agenda.

Also speaking, Minister of Information and National Orientation, Mohammed Idris, said Nigeria’s selection to host the forum reflects the confidence of the international community in its commitment to creating an enabling business environment.

Minister of State for Industry, Senator John Enoh, and Lagos State Commissioner for Commerce, Mrs. Folashade Ambrose-Medebem, both pledged support for MSME growth. Ambrose-Medebem revealed that Lagos, home to nearly 70 percent of Nigeria’s MSMEs, is providing easier access to funding through the N10 billion LASMECO finance scheme in partnership with the Bank of Industry.

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