The Central Bank of Nigeria (CBN) has reported that business enterprises are hopeful for an economic improvement over the next six months. This finding comes from the CBN’s Business Expectation Survey (BES) for July.
However, the survey also indicated that businesses anticipate a depreciation of the Naira in the third quarter of the year. The report was based on responses from 1,600 business enterprises across the Industry, Services, and Agriculture sectors, with an impressive 98.9 percent participation rate.
The report noted, “Respondents expressed optimism regarding the overall business outlook for July 2024, expecting conditions in Nigeria to improve. This positive sentiment is particularly strong among those in the Agriculture Sector.
“Outlooks for the upcoming month, as well as the next three and six months, all reflect optimism. The anticipated increase in business activity suggests better employment prospects during this period, with the Agriculture Sector showing the greatest potential for job growth, followed by the Industry and Services sectors.”
