By: ThinkBusiness Africa
Nigerian business leaders are signaling a robust turnaround in the country’s economic fortunes, with business confidence projected to surge to a peak of 52.8 points in six months.
According to the Central Bank of Nigeria’s (CBN) latest November 2025 Business Expectations Survey (BES), the national sentiment has moved firmly into “expansionary territory.” The current confidence index for November stands at 37.5 points, but the trajectory suggests a steady climb as firms bet on stabilizing prices and a stronger Naira.
The projected 52.8 index points represent a critical psychological and economic threshold. In the CBN’s reporting framework, any score above 50.0 indicates that a majority of businesses expect expansion rather than contraction.
“The Confidence in November 2025 stood at 37.5 index points, reflecting optimism among respondents regarding the macroeconomy. This optimism is projected to continuously improve, reaching a peak of 52.8 index points over the next six months,” CBN said.
The survey reveals that this optimism is broad-based. The Industry sector is currently the most optimistic at 38.1 points, followed closely by Agriculture and Services.
Anchored by these projections, businesses have indicated plans to ramp up recruitment as early as December 2025, particularly in the Mining & Quarrying and Construction sectors.
The Mining sector also reported the highest capacity utilization, suggesting that industrial output is beginning to hit its stride after a period of stagnation. The sector posted the highest confidence at 50.0 index points.
A primary driver for this renewed confidence is the cooling of inflation expectations. The Inflation Expectations Index dropped significantly from 48.7 in October to 43.5 in November 2025. In November Nigeria headline inflation eased to 14% from peak 34% in November 2024.
Respondents noted that while energy and transportation costs remain concerns, they expect the overall pace of price increases to moderate. Furthermore, a majority of firms surveyed expressed a belief that the Naira will appreciate against the U.S Dollar over the next six months, which would significantly lower the cost of raw materials and imported goods.
Naira has appreciated 7% against the U.S dollar this year. Currently, it has stabilized below the N1500/$ psychological level.
