The Central Bank of Nigeria released its June 2025 Business Expectations Survey, pointing to continued optimism among sampled firms about the macroeconomy and their own operations. The overall Confidence Index was 20.7 index points in the current month and respondents expected it to rise to 41.3 over the next six months, largely driven by improved expectations for business activity. Optimism was reported across industry, agriculture and services, with industry leading at 23.1 index points in the current month and projected to reach 48.3 in six months. Regional sentiment ranged from 37.1 in the North-East to 4.4 in the South-East. Firms also reported a positive outlook for employment and expansion across the review periods, while identifying high interest rates (75.6), insecurity (75.2) and insufficient power supply (74.3) as the top operational constraints. Respondents expected NGN to appreciate against USD but anticipated higher borrowing rates, and average capacity utilisation eased to 58.2% from 58.7% in May 2025. The survey was conducted June 16 to 20, 2025 with a sample of 1,900 enterprises across Nigeria and a 98.1% response rate. The report notes that findings reflect respondents’ views and do not represent the Central Bank of Nigeria’s position.
Central Bank of Nigeria 2025-06-01
Central Bank of Nigeria publishes June 2025 business expectations survey showing confidence index at 20.7 and NGN appreciation expectations
The Central Bank of Nigeria's June 2025 Business Expectations Survey shows continued optimism among firms, with the Confidence Index at 20.7 points, expected to rise to 41.3 in six months. Industry optimism leads at 23.1 points, projected to reach 48.3, while high interest rates, insecurity, and insufficient power supply are key constraints. Firms foresee NGN appreciation against USD, higher borrowing rates, and a slight decrease in capacity utilisation to 58.2%.