The Central Bank of Nigeria released its December 2025 Expectations Survey Report, indicating broadly optimistic business sentiment about the macroeconomic environment and firms’ own operations. The aggregate Confidence Index stood at 37.5 index points in December 2025 and is projected to improve over the next six months, reaching 52.5 index points, with optimism linked largely to expectations of higher business activity. All sectors reported an optimistic macroeconomic outlook in December, led by the Industry sector (38.7 index points), and respondents expected the naira to appreciate across the review periods. Agriculture recorded the highest expansion plan, Mining and Quarrying had the highest planned employment for January 2026, and Construction recorded the highest capacity utilisation in the month. Regionally, the North-East reported the highest current optimism (51.5 index points) and the South-East the lowest (27.9), while the South-West led next-month expectations (46.8) and the North-East and North-West were highest for the next three months (58.7) and six months (60.4). Despite the positive outlook, firms cited insecurity, high or multiple taxes and insufficient power supply as key constraints.
Central Bank of Nigeria 2026-01-03
Central Bank of Nigeria publishes December 2025 Expectations Survey showing confidence index at 37.5 points and improving outlook
The Central Bank of Nigeria's December 2025 Expectations Survey Report shows optimistic business sentiment, with the Confidence Index at 37.5 points and projected to rise to 52.5 in six months. The Industry sector leads the positive macroeconomic outlook, and the naira is expected to appreciate. Key constraints include insecurity, high taxes, and insufficient power supply.