February 17, 2026/CSL Update
The Central Bank of Nigeria (CBN) has released its Business Expectations Survey (BES) for January 2026, providing insights into business sentiment across the Industry, Services, and Agriculture sectors. The findings indicate that optimism about Nigeria’s macroeconomic outlook remains strong. The composite Business Confidence Index rose to 38.5 points in January 2026, up from 37.5 points in December 2025.
Businesses expect sentiment to improve further in the months ahead, with confidence projected to increase to 45.5 points in February, 55.3 points in April 2026, and 58.0 points by July 2026. Since any index above 0.0 reflects positive sentiment, these projections suggest strengthening expectations about operating conditions in the near to medium term.
In January, all sectors reported positive short-term business sentiment, with the Industry sector expressing the highest level of optimism. Respondents also expect the Naira to strengthen, reflecting confidence in the CBN’s efforts to improve transparency and stability in the foreign exchange market.
Across sectors, firms remain optimistic about job creation and business expansion. Specifically, Mining & Quarrying shows the strongest employment prospects, while Construction is expected to drive near-term business growth.
Despite the positive outlook, businesses continue to face significant challenges. The most pressing issues identified in January 2026 were insecurity, high taxation, and inadequate power supply. Other constraints include high interest rates, elevated bank charges, and an unfavourable economic climate. Supporting this improving sentiment, the CBN’s Purchasing Managers’ Index (PMI) stood at 55.7 points in January 2026, signalling expansion in business activity across multiple sectors and indicating steady progress toward economic recovery.
Click here to download full report: CSL Nigeria Daily – 17 February 2026 – Economy.pdf
