The Central Bank of Nigeria released its March 2025 Business Expectations Survey (BES), showing firms remained optimistic about the macroeconomic outlook across all horizons, with the overall confidence index increasing from 31.7 for the current month to 48.3 for the next six months. Respondents attributed the positive outlook in part to expectations that the naira will appreciate across the reviewed periods, while also anticipating higher borrowing rates. All three broad sectors (agriculture, industry and services) recorded positive macroeconomic outlook readings, with agriculture posting the highest confidence and the highest capacity utilisation in the month. Indicators for total orders, business activity and financial conditions were positive, and firms expected favourable business activity in April, June and September 2025; employment and expansion plans were also positive across sectors, with construction showing the strongest employment prospects and agriculture the strongest expansion prospects for April 2025. The most cited constraints were high interest rates (75.3), insecurity (73.8) and high or multiple taxes (73.3), alongside insufficient power supply and financial problems. The BES was conducted from 10 to 14 March 2025, covering 1,900 enterprises across Nigeria with a 96.2% response rate, and the CBN noted the results reflect respondents’ views rather than the Bank’s.
Central Bank of Nigeria 2025-04-09
Central Bank of Nigeria publishes March 2025 business expectations survey showing rising confidence and expected naira appreciation
The Central Bank of Nigeria's March 2025 Business Expectations Survey indicates increased optimism among firms, with the confidence index rising from 31.7 to 48.3 over six months. Positive outlooks were noted across agriculture, industry, and services, with agriculture showing the highest confidence and capacity utilisation. Key constraints identified include high interest rates, insecurity, and high taxes.