June 5, 2025/CBN

EXECUTIVE SUMMARY

Across all time frames, the positive trajectory of the Confidence Index (CI), a measure of overall business sentiment, reflects a broad-based optimism among respondent firms regarding the macroeconomic outlook. This sentiment appears to be driven by favourable expectations on the volume of business activity across the review periods.

The following are the highlights of this month’s survey:

• All the sectors expressed optimism about the macroeconomy in May 2025, with the Agriculture Sector recording the highest confidence.

• The Mining & Quarrying; Electricity, Gas & Water Supply Sector indicated the highest expansion plan for June 2025.

• Respondent firms expect the Naira to appreciate across the review periods.

• The Agriculture sector recorded the highest capacity utilisation in the current month.

• All sectors reported a positive outlook for employment and expansion for all the periods under review.

• Despite the prevailing optimism, firms identified significant operational challenges, primarily: insecurity, high interest rates, and high taxes, which could potentially moderate future growth.

Click here to read full PDF copy of report