Central Bank of Nigeria released its January 2026 Business Expectations Survey report, indicating widespread optimism among surveyed firms about the macroeconomic environment across all reference periods. The aggregate Confidence Index stood at 38.2 index points in January, and respondents expected sentiment to strengthen gradually to 58.0 points over the next six months, alongside expectations that the naira would appreciate. Optimism was broad-based, with the industry sector recording the highest macroeconomic confidence (40.7 points). Construction was identified as having the strongest expansion prospects and the highest capacity utilisation, while mining and quarrying recorded the highest planned employment for February 2026; construction also led the business confidence index on firms’ own operations (32.1 points). Regionally, all zones reported positive current-month sentiment, led by the North-East (51.5 points) and weakest in the South-East (27.9 points), and forward-looking expectations remained positive with the North-East highest for the next three months (58.7 points) and the North-West highest for the next six months (60.4 points). Despite the upbeat outlook, respondents highlighted insecurity, high or multiple taxes and insufficient power supply as key constraints.
Central Bank of Nigeria 2026-02-13
Central Bank of Nigeria reports confidence index at 38.2 points in January 2026 business expectations survey
The Central Bank of Nigeria's January 2026 Business Expectations Survey reveals widespread optimism among firms, with a Confidence Index of 38.2 points expected to rise to 58.0 points in six months. The industry sector showed the highest macroeconomic confidence, while construction had the strongest expansion prospects. Despite positive sentiment, challenges such as insecurity, high taxes, and insufficient power supply were noted.