CBN survey sees improvement in Nigeria’s business activities

A Central Bank of Nigeria survey indicated that business activities in Nigeria’s economy are expected to improve in the next six months.

This is according to July’s Business Expectations Survey report released by CBN on Wednesday.

The survey said that the growth would be driven by Nigeria’s services and agriculture sectors.

It also noted that the sector with the highest prospect for employment is the agriculture sector, followed by the industry and services sectors.

The apex bank report, however, said that insecurity, interest rate hikes, insufficient power supply, and high taxes impeded business activities in July 2024.

“Respondent firms expect the exchange rate to depreciate in all review periods except the next six months. However, they expect the borrowing rate to rise in all the periods under review.

“Respondents indicated optimism on the overall business outlook in July 2024, as the business conditions in Nigeria are expected to improve. This optimism is driven by the opinions of respondents from the agriculture sector.

“Respondents’ outlook for the next month, next 3 months and next 6 months all indicated optimism.

“The positive outlook in the volume of business activities of the firms in the next month implied improved prospects for employment in the same period. The sector with the highest prospect for employment is the agriculture sector, followed by the industry and services sectors,” the report stated.

CBN recently reintroduced the publication of key economic reports to foster accountability in Nigeria’s economy.