December 23, 2025/CSL Report

The Central Bank of Nigeria (CBN) has released its Business Expectation Survey (BES) for November 2025, providing insights into business sentiment across the Industry, Services, and Agriculture sectors. The findings suggest that optimism about Nigeria’s macroeconomic outlook remains largely intact, despite a slight moderation in overall confidence.

The composite Business Confidence Index (BCI) edged down to 37.5 points in November, from 38.5 points in October 2025. However, businesses anticipate an improvement in sentiment over the coming months. Confidence is projected to increase to 43.9 points in December 2025, 49.6 points in January 2026, and further to 52.8 points by May 2026, reflecting expectations of more favourable operating conditions. The confidence indices measure firms’ expectations regarding changes in key aspects of their business activities over the near to medium term. A confidence index above 0.0 indicates positive sentiment, while a reading below 0.0 reflects a negative business outlook.

The November 2025 survey indicates sustained positive sentiment across all sectors with respect to short-term business activity, with the industry sector exhibiting the highest level of optimism. Respondent firms also expect an appreciation of the Naira, reflecting increased confidence in the Central Bank of Nigeria’s ongoing efforts to improve transparency and stability in the foreign exchange market. Across sectors, businesses remain optimistic about job creation and expansion opportunities.

Sector-specific expectations show that mining and quarrying offer the strongest employment prospects, while the construction sector is expected to drive near-term business expansion.

Respondents identified several key challenges affecting business operations in November 2025. The most significant concerns were insecurity, inadequate power supply, and high tax burdens. Other notable constraints included elevated interest rates, high bank charges, and an unfavourable economic environment. Despite these challenges, recent data point to improving business sentiment. The Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) rose to 56.4 points in November, up from 55.4 points in October 2025. This increase signals an expansion in business activity across multiple sectors and underscores steady progress toward economic recovery

Click here to download full report:​ ​​​​​​CSL Nigeria Daily – 23 December 2025 – Economy.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​