This is according to the Central Bank of Nigeria who said it conducted a survey to determine the assertion.
In the 11-page survey report, the CBN said it conducted the survey online from December 7 to 11, with a sample size of one hundred and fifty businesses nationwide.
It noted that a response rate of ninety one point three per cent was achieved and that the sample covered the agriculture and services, manufacturing, wholesale and retail trade and construction sectors.
The CBN added that the respondent firms were made up of small, medium and large corporations covering both import-oriented and export-oriented businesses.
According to the report, inflation level is expected to rise in the next six and twelve months.
The CBN stated that respondent firms identified insufficient power supply, unfavorable economic climate, competition, high interest rates, unclear economic laws, financial problems, unfavorable political climate, access to credit, insufficient demand, lack of equipment, lack of materials input, and labour problems as major factors constraining business activities in December 2020.
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