The Central Bank of Nigeria’s August 2026 Business Expectations Survey showed the Business Confidence Index rising to 14.8 from 5.7 in July, with all broad sectors reporting optimism about the macroeconomy. Respondents expected the index to increase further to 23.6 in September, 30.1 in November and 36.1 in February 2027, supported mainly by stronger demand, economic diversification and the monetary policy stance. Industry recorded the highest broad-sector confidence at 17.1, while electricity, gas and water supply led assessments of firms’ own operations at 50.0. Businesses expected the naira to appreciate and borrowing costs to decline marginally but remain elevated. Hiring expectations for September were subdued, while high or multiple taxation, insecurity and high interest rates ranked as the leading operating constraints. The survey covered 1,900 enterprises and achieved a 96.8% response rate.
2026-09-11Central Bank of Nigeria
Central Bank of Nigeria survey shows business confidence rose to 14.8 in August
The Central Bank of Nigeria’s August survey showed business confidence rising to 14.8 from 5.7 in July, with respondents expecting further gains through February 2027. Businesses anticipated naira appreciation but persistently elevated borrowing costs, while taxation, insecurity and high interest rates remained the leading constraints.