The Central Bank of Nigeria released its October 2025 Expectations Survey Report, showing broad-based optimism among surveyed firms about the macroeconomic environment. The headline Confidence Index rose to 38.5 index points from 31.5 in the previous month and is projected to improve further, peaking at 52.5 index points over the next six months. All sectors reported a positive macroeconomic outlook in the current month, led by Industry at 40.0 index points, while Mining and Quarrying recorded the highest business confidence on own operations at 50.0 index points and the highest capacity utilisation. Mining also had the strongest expansion plans, and Construction recorded the highest employment plans for November 2025; across sectors, employment and expansion expectations were positive for the next month and longer horizons, with respondents also expecting favourable business activity in November 2025, January and April 2026. Regionally, the North-East showed the highest optimism at 56.1 index points and the South-South the lowest at 23.3 index points, which the report links to lower business activity in the current month; firms also expected the naira to appreciate but flagged insecurity, insufficient power supply and high or multiple taxes as key constraints.
Central Bank of Nigeria 2025-11-11
Central Bank of Nigeria publishes October 2025 expectations survey with confidence index up to 38.5
The Central Bank of Nigeria's October 2025 Expectations Survey Report shows increased optimism among firms, with the Confidence Index rising to 38.5 from 31.5 and projected to reach 52.5 in six months. Industry leads with a 40.0 index point outlook, while Mining and Quarrying show the highest business confidence and capacity utilisation. Regional optimism varies, with the North-East at 56.1 index points and the South-South at 23.3, amid concerns over insecurity, power supply, and taxation.