The Central Bank of Nigeria published its December 2024 Business Expectations Survey, reporting that respondent firms were optimistic about the overall macroeconomy and their own operations, and expected the naira to appreciate over the current month and the next one, three and six months. Sentiment was linked to a positive outlook for the exchange rate, the volume of business activities and total orders. Optimism on the macroeconomy was reported across agriculture, industry and services, with agriculture the most optimistic and also showing the highest expansion plan for January 2025; firms also indicated plans to employ more workers in January 2025. While expectations for the volume of business activity and total orders were positive, financial conditions and access to credit were negative, and the most cited constraints included high bank charges, poor infrastructure, an unfavourable economic climate, insecurity, an unfavourable political climate and access to credit. Capacity utilisation was reported as positive overall, with mining the most positive, and the Northeast region recorded the highest macroeconomic optimism; the survey was conducted from 9 to 13 December 2024 with 1,900 enterprises and a 96.8% response rate across industry, services and agriculture.
Central Bank of Nigeria 2025-01-23
Central Bank of Nigeria releases December 2024 business expectations survey showing broad-based optimism and naira appreciation expectations
The Central Bank of Nigeria's December 2024 Business Expectations Survey shows optimism among firms about the macroeconomy and operations, expecting naira appreciation and increased business activities. Agriculture showed the highest optimism and expansion plans, while financial conditions and access to credit were negative, with constraints like high bank charges and poor infrastructure. The survey, conducted with 1,900 enterprises, highlighted positive capacity utilisation, especially in mining, and the Northeast region's highest macroeconomic optimism.