Highlights of CBN’s May 2025 Business Expectations Survey Report
The Central Bank of Nigeria’s (CBN) Business Expectations Survey (BES) report for May 2025 has indicated a positive outlook for Nigeria’s economy, with an overall business confidence index recorded at 18.7 index points. This figure demonstrates widespread optimism among businesses, fueled by favorable expectations for heightened business activity in the upcoming months.
Companies have shown increasing confidence in the macroeconomic landscape, as sentiment scores have risen to 23.8 index points for June, 34.5 points for August, and 41.1 points for November 2025. A sectoral analysis further highlights this encouraging trend, with the industry, agriculture, and services sectors reporting optimistic outlooks of 42.2, 41.0, and 40.5 index points, respectively, for November.
Notably, the mining and quarrying, as well as the electricity, gas, and water supply sectors, are planning the most significant expansion for June 2025, indicating strong growth potential. Nevertheless, despite this optimism, businesses are still confronted with considerable challenges, such as insecurity, elevated interest rates, and high taxation.
These obstacles could potentially impede future growth, necessitating urgent policy measures to enhance the business environment. It is essential to address these concerns through business-friendly interest rates, improved security, and the effective implementation of new tax legislation aimed at alleviating the tax burden on SMEs, which is crucial for maintaining economic momentum and creating a more favorable environment for investment and growth.
