The Central Bank of Nigeria released its September 2025 Business Expectations Survey, reporting widespread optimism among surveyed firms about the macroeconomic environment and their own operations. The aggregate Confidence Index stood at 31.5 index points in September 2025 and was projected to remain positive over the next six months, peaking at 51.8 index points, with sentiment largely supported by expectations of higher business activity. All sectors reported optimism on the macroeconomic outlook in September 2025, led by the services sector at 32.5 index points, while non-market services posted the highest confidence on own operations at 27.8 index points. Mining recorded the highest expansion plan and non-market services the highest employment plan for October 2025; firms also expected the naira to appreciate across the review periods and reported the agriculture sector as having the highest capacity utilisation in the current month. Regionally, optimism was positive across all regions, with the North-East highest at 48.7 index points and the South-East lowest at 7.3 index points, which the report linked to higher business-constraint indices; key constraints cited by firms were high bank charges, high taxes and poor infrastructure.
Central Bank of Nigeria 2025-10-15
Central Bank of Nigeria publishes September 2025 Business Expectations Survey showing broad optimism and a projected confidence peak of 51.8
The Central Bank of Nigeria's September 2025 Business Expectations Survey shows widespread optimism among firms, with a Confidence Index of 31.5 points, projected to rise to 51.8 points in six months. The services sector led macroeconomic optimism, while non-market services showed the highest confidence in operations. Key constraints include high bank charges, taxes, and poor infrastructure, with regional optimism highest in the North-East and lowest in the South-East.