CBN Survey Predicts Business Confidence in Nigeria to Hit 52.8 Points by Mid-2026
Nigeria’s business environment is set for a boost over the next six months, with confidence among businesses expected to reach 52.8 index points—one of the highest levels in recent years. This projection comes from the Central Bank of Nigeria’s (CBN) Business Expectations Survey (BES) for November 2025, reflecting optimism about stronger economic activity in 2026.
The survey showed that business confidence in November 2025 stood at 37.5 index points, signaling moderate optimism among respondents regarding the country’s macroeconomic environment. CBN expects this optimism to accelerate sharply, pointing to a potential surge in private sector growth and investment activities by mid-next year.
Sectoral data highlighted broad-based optimism across Nigeria’s economy. The industrial sector led with 38.1 index points, followed by agriculture and services. On an operational level, Mining and Quarrying recorded the highest confidence at 50.0 index points, suggesting expectations of robust output and increased business activity. Regionally, the North-East topped the optimism chart at 52.7 points, while the South-East reported the lowest at 18.7 points—though all regions indicated positive expectations.
Businesses cited expectations of expansion, higher activity levels, and growing labour demand as key drivers behind the confidence boost. In line with this outlook, companies plan to hire more workers in December 2025, with construction showing the highest expansion potential and Mining and Quarrying leading employment prospects. However, challenges such as insecurity, high taxes, poor power supply, and financing constraints remain major hurdles for businesses.
Supporting the survey’s findings, Nigeria’s private sector Purchasing Managers’ Index (PMI) rose to 56.4 in November from 55.4 in October, signaling further economic expansion. Overall, while the outlook is positive, analysts emphasize that sustained growth will require tackling high operational costs, security concerns, and financing difficulties to maintain the momentum.
source: nairametrics