Business owners in Nigeria are optimistic about an improvement in the business environment in August 2024 and the following months, according to the latest Business Expectations report by the Central Bank of Nigeria (CBN). The report reveals that business owners anticipate better performance in August, with an optimism index of 7.6 points. This positive outlook extends into the next three and six months, with optimism indices of 19.3 and 30.7 points, respectively.
The report highlights that sectors such as Mining, Quarrying, Electricity, Gas & Water Supply, Agriculture, Market Services, and Manufacturing are expected to drive this optimism in the near term. Specifically, the Mining and Quarrying sector leads with 35.3 points, followed by Agriculture at 9.9 points.
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In July 2024, the overall business confidence index was slightly positive at 0.1 points, though it marked a 3.0-point decline from June 2024 levels. Despite this, the outlook for August and beyond remains positive, particularly in sectors that showed pessimism in July, such as Industrial, Agriculture, and Services.
The CBN’s survey, which sampled 1,600 business owners across various sectors, indicates that an index above 0.0 points reflects positive sentiment, while an index below suggests a negative outlook. This survey is a key indicator of business sentiment in Nigeria, with the last report previously published in December 2020.
