January 6, 2026/CSL Update

The Central Bank of Nigeria (CBN) has released its Business Expectations Survey (BES) for December 2025, providing insights into business sentiment across the Industry, Services, and Agriculture sectors. The survey indicates that optimism about Nigeria’s macroeconomic outlook remains broadly positive. The composite Business Confidence Index (BCI) remained unchanged at 37.5 points in December, the same level recorded in November 2025. However, businesses expect sentiment to improve in the months ahead.

The BCI is projected to increase to 39.0 points in January 2026, rise further to 47.6 points in March 2026, and reach 52.5 points by June 2026, reflecting strengthening expectations about 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 toward business conditions, while a value below 0.0 reflects a negative outlook.

The December 2025 survey showed sustained positive sentiment across all sectors regarding short-term business activities, with the industry sector recording the highest level of optimism. Respondent firms also anticipated a stronger Naira, reflecting growing confidence in the Central Bank of Nigeria’s ongoing efforts to enhance transparency and stability in the foreign exchange market. Across sectors, businesses remained optimistic about job creation and expansion opportunities. A closer look at sector-specific expectations reveals that the mining & quarrying sector holds the strongest employment prospects, while the agriculture
sector is expected to lead near-term business expansion.

Despite the generally positive outlook, respondents identified several key challenges affecting business operations in December 2025. The most significant constraints were insecurity, high taxes, and inadequate power supply. Other notable concerns included high interest rates, elevated bank charges, and an unfavourable economic environment.

Recent indicators reinforce the improving business sentiment. The Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) rose to 57.6 points in December, up from 56.4 points in November 2025. This increase signals continued expansion in business activity across multiple sectors and reflects steady progress toward economic recovery

Click here to download full report:​ CSL Nigeria Daily – 06 January 2025 – Economy.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​