Nigeria's Business Confidence to Reach 36.1 Points by 2027

The Central Bank of Nigeria (CBN) conducted a Business Expectation Survey indicating that business confidence among formal-sector enterprises is expected to rise to 36.1 index points by February 2027. This projection follows a significant increase in the Business Confidence Index (BCI), which improved from 5.7 points in July 2026 to 14.8 points in August 2026.

The positive sentiment is attributed to factors such as increased demand (25.9%), economic diversification (18.3%), and the monetary policy stance (14.2%). Confidence is anticipated to increase further to 23.6 points in September 2026 and 30.1 points in November 2026.

The survey revealed improvements across major sectors, with the industry sector rising from 11.5 points in July to 17.1 points in August, services from 3.6 to 13.3 points, and agriculture from 3.4 to 13.9 points. Average capacity utilization among businesses slightly decreased from 55.9% in July to 55.8% in August 2026, with the Mining and Quarrying sector showing the highest capacity utilization.