Nigerian businesses are stepping into 2026 with renewed optimism, according to the December 2025 Business Expectations Survey (BES) by the Central Bank of Nigeria. The survey shows that the aggregate Confidence Index reached 37.5 points in December, with projections indicating a rise to 52.5 points over the next six months. This positive sentiment suggests that businesses are increasingly hopeful about the country’s economic trajectory despite persistent challenges.
The survey, conducted from December 1 to 5, 2025, sampled 1,900 enterprises across Nigeria’s industry, services, and agriculture sectors. With a remarkable 97.3% response rate, the report revealed that optimism is not only widespread but also expected to strengthen over the coming months. Business leaders are looking beyond immediate hurdles to anticipate a more stable and growth-oriented macroeconomic environment.
Industry leads the confidence rankings at 38.7 points, followed closely by agriculture and services. While services show a slight dip in short-term optimism, the three- and six-month outlook remains positive. Businesses across sectors expect higher volumes of activity, with the agriculture sector projecting the most expansion and mining & quarrying anticipating the highest employment growth in January 2026.
Despite these encouraging signs, firms continue to face significant operational challenges. Insecurity tops the list of concerns at 74.0 points, followed by high or multiple taxes (69.9 points), unstable power supply (67.9 points), and elevated interest rates (67.5 points). These obstacles persistently impact profitability, yet they have not slowed businesses’ plans to expand and hire in the early months of 2026.
Regional differences in optimism are notable, with the North-East reporting the highest confidence at 51.5 points and the South-East the lowest at 27.9 points. Nevertheless, every region maintains a positive outlook for the months ahead. Overall, the December 2025 BES report highlights a resilient Nigerian private sector, driven by hopes of a stronger naira, lower borrowing costs, and steady growth, even in the face of systemic challenges.
source: Punch