CBN survey shows Nigerian businesses feel cautiously optimistic, expecting confidence to climb to 52.8 points.
In November, companies reported confidence at 37.5 points, reflecting measured hope about the country’s economic outlook.
Furthermore, the survey indicates confidence will rise steadily over six months, as businesses anticipate stronger activity and growth across sectors.
CBN Survey Shows Rising Confidence
In particular, Industry leads sectoral optimism at 38.1 points, while Agriculture and Services follow closely, according to the survey.
Meanwhile, Mining and Quarrying firms expressed the highest confidence at 50 points, anticipating robust production levels in the coming months.
Similarly, Construction and Services sectors convey optimism, signalling potential expansion and higher output in the near future.
Regional And Sector Trends
Regionally, the North-East shows the strongest optimism at 52.7 points, whereas the South-East lags behind at 18.7 points.
Despite these regional differences, all areas expect positive growth, suggesting nationwide momentum in business activity.
Additionally, businesses plan to expand operations and hire more workers, pointing to rising labour demand in December.
Read Also: Adoke Links OPL 245 Revocation To Ownership Battle
Construction tops expansion prospects, while Mining and Quarrying lead employment intentions for the coming month.
Challenges And Growth Outlook
However, companies face challenges, including insecurity, high taxes, unreliable power supply, steep interest rates, and financial constraints.
On the other hand, firms cite poor infrastructure and political uncertainty less often, showing operational and financial concerns dominate worries.
Supporting this optimism, Nigeria’s private sector expanded further in November, as the PMI rose to 56.4 from October’s 55.4.
Consequently, this growth signals ongoing economic expansion and reinforces confidence in a steady recovery across sectors and regions.
Overall, Nigerian businesses remain cautiously optimistic, expecting growth if they tackle financial, operational, and security challenges effectively.
