The Central Bank of Nigeria published its August 2025 Business Expectations Survey Report, showing broad-based optimism among surveyed firms about macroeconomic conditions and their own operations. The headline Confidence Index stood at 28.9 index points in August 2025 and was projected to keep rising over the next six months, peaking at 55.9, with sentiment linked to expectations of higher business activity. All broad sectors reported a positive macroeconomic outlook in the current month, led by Services at 29.7 index points, and all sectors also reported a positive outlook for employment and expansion across the periods under review. Respondents expected the naira to appreciate across the review horizons, while Agriculture recorded the highest capacity utilisation and, alongside Mining and Quarrying, the highest expansion plans for September 2025. Regional results showed the highest optimism in the North-East (48.7 index points) and the lowest in the South-East (2.1), which the report associated with security challenges, and firms cited insecurity, insufficient power supply and high interest rates as key operational constraints.
Central Bank of Nigeria 2025-09-10
Central Bank of Nigeria survey shows August 2025 business confidence at 28.9 and firms expect naira appreciation
The Central Bank of Nigeria's August 2025 Business Expectations Survey Report shows optimism among firms about macroeconomic conditions, with a Confidence Index of 28.9 projected to rise to 55.9 in six months. All sectors reported positive outlooks for employment and expansion, with the naira expected to appreciate. The North-East showed the highest regional optimism, while the South-East faced challenges due to security issues, insufficient power supply, and high interest rates.