The Central Bank of Nigeria published its April 2025 Business Expectations Survey, reporting that respondent firms were optimistic about macroeconomic conditions across the current month through the next six months, with sentiment linked to expectations of exchange rate stability and naira appreciation. The survey also points to positive expectations for business activity, employment and expansion across sectors. The overall macroeconomic Confidence Index was 22.3 for the current month, rising to 25.3 for the next month, 35.8 for the next three months and 42.8 for the next six months, with Agriculture recording the highest sector confidence. Construction recorded the highest current-month capacity utilisation, while Mining and Quarrying and the Electricity, Gas and Water Supply sector showed the highest expansion plans for May 2025; average capacity utilisation across sectors was 56.9% in April 2025, up from 56.5% in March 2025. Firms expected the naira to appreciate across the review periods and anticipated higher borrowing rates, while identifying high interest rates (75.4), insecurity (74.8) and high or multiple taxes (74.5) as the top operational constraints. The survey was conducted from 7 to 11 April 2025 with a sample of 1,900 enterprises across Industry, Services and Agriculture and a 98.6% response rate; the Central Bank noted the results reflect respondents’ views rather than the Bank’s.
Central Bank of Nigeria 2025-05-09
Central Bank of Nigeria’s April 2025 survey shows broad business optimism despite high interest rates and insecurity
The Central Bank of Nigeria's April 2025 Business Expectations Survey indicates optimism among firms regarding macroeconomic conditions, driven by expectations of exchange rate stability and naira appreciation. The Confidence Index rose from 22.3 in April to 42.8 over six months, with Agriculture showing the highest sector confidence. Firms anticipate higher borrowing rates and cite high interest rates, insecurity, and taxes as major constraints.