According to a recent report from the Central Bank of Nigeria(CBN), there’s a significant indication of a broad-based optimism among respondent firms regarding the macroeconomic outlook for June 2025 and the subsequent months, driven by favorable expectations concerning the volume of business activity.
The CBN June 2025 Business Expectation Survey Report (BES), shows all sectors surveyed expressed optimism about the macroeconomy in June 2025, with the Industry Sector showing the highest confidence. The Mining & Quarrying; Electricity, Gas & Water Supply Sector anticipates the highest expansion plan for July 2025.
Firms also expect the Naira to appreciate across the review periods. The Agriculture sector recorded the highest capacity utilization in June 2025.
Looking ahead, respondent firms are optimistic that the volume of business activity in July, September, and December 2025 will be favorable. All sectors reported a positive outlook for employment and expansion for all periods under review.
Despite this prevailing optimism, businesses identified several significant operational challenges. “firms identified significant operational challenges to include: high interest rates, insecurity and insufficient power supply, which could potentially moderate future growth”. These factors directly impact operational stability and profitability.
Other notable constraints included high bank charges, unfavorable economic climate, unclear economic laws, high taxes, financial problems, unfavorable political climate, and poor infrastructure.
Meanwhile, these constraints suggests that economic and financial risks are more prominent concerns than political challenges during the review period. The survey, conducted from June 16 to 20, 2025, included 1,900 business enterprises across Nigeria and achieved a response rate of 98.1%, covering the Industry, Services, and Agriculture sectors.
