March 24, 2026/CSL Update
The Central Bank of Nigeria (CBN) has released its Business Expectations Survey (BES) for February 2026, providing insights into business sentiment across the industry, services, and agriculture sectors. Overall, the report indicates that optimism about Nigeria’s macroeconomic outlook remains positive. The composite Business Confidence Index (BCI) increased to 39.4 points in February, up from 38.5 points in January. Looking ahead, businesses expect sentiment to strengthen further, with the index projected to rise to 43.3 points in March, 53.7 points in May, and 54.3 points by August.
These indices reflect firms’ expectations about changes in key aspects of their operations over the short to medium term. A value above 0.0 indicates positive sentiment, while a value below 0.0 signals a negative outlook.
In February, all sectors reported sustained positive sentiment regarding near-term business activity, with the industry sector showing the highest level of optimism. Firms also expect the Naira to strengthen, reflecting growing confidence in the CBN’s efforts to improve transparency and stability in the foreign exchange market. Across sectors, businesses remain optimistic about job creation and expansion. Specifically, the construction sector is expected to generate the most employment, while mining and quarrying is projected to lead near-term business expansion.
Despite this optimism, businesses identified several key challenges in February 2026. The most pressing issues were insecurity, high taxation, and inadequate power supply. Additional concerns included high interest rates, elevated bank charges, and an unfavourable economic environment. However, other leading economic indicators point to an improving outlook. For instance, the Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) rose to 56.4 points in February, indicating an expansion in business activity across multiple sectors and signalling continued progress towards economic recovery.
Click here to download full report: CSL Nigeria Daily – 24 March 2026 – Economy.pdf
