The Central Bank of Nigeria released its February 2025 Business Expectations Survey, reporting that respondent firms were optimistic about the overall macroeconomy, which the report links to a positive outlook on the exchange rate. The overall confidence index pointed to optimism in February 2025, with all broad sectors reporting a positive macroeconomic outlook and the industry sector recording the highest optimism. Across sectors, Mining and Quarrying and Electricity, Gas and Water Supply recorded the highest expansion plans for March 2025. Capacity utilisation improved in February 2025, led by the construction sector, while firms also expected favourable business activity in March, May and August 2025 and reported positive expectations for employment and expansion across all periods reviewed. Respondents expected the naira to appreciate across all reviewed periods.
Central Bank of Nigeria 2025-03-14
Central Bank of Nigeria publishes February 2025 Business Expectations Survey showing broad-based optimism and expected naira appreciation
The Central Bank of Nigeria's February 2025 Business Expectations Survey shows firms' optimism about the macroeconomy, driven by a positive exchange rate outlook. The industry sector showed the highest confidence, while Mining, Quarrying, and Electricity, Gas and Water Supply sectors reported significant expansion plans for March 2025. Firms anticipate improved capacity utilisation and favourable business activity, expecting naira appreciation across all reviewed periods.