Nigeria’s business environment is projected to strengthen steadily over the next six months, with confidence expected to rise to one of its highest levels in recent years.
This is according to the Central Bank of Nigeria’s (CBN) Business Expectations Survey (BES) for November 2025.
Business confidence, which stood at moderate levels in November, is projected to accelerate sharply by mid-2026, signaling expectations of stronger economic activity.
What the data is saying
Data from the CBN’s November 2025 BES shows that business confidence stood at 37.5 index points.
This reflects optimism among respondents about the macroeconomic environment. The survey projects that confidence will rise steadily to 52.8 index points over the next six months.
“The Confidence in November 2025 stood at 37.5 index points, reflecting optimism among respondents regarding the macroeconomy. This optimism is projected to continuously improve, reaching a peak of 52.8 index points over the next six months,” the CBN survey said.
Sectoral data showed broad-based optimism, with Industry leading at 38.1 index points, followed by Agriculture and Services.
On own operations, Mining and Quarrying recorded the highest confidence at 50.0 index points, pointing to strong output and activity expectations.
Regionally, the North-East recorded the highest optimism at 52.7 index points.
The South-East posted the lowest at 18.7 index points, although all regions reported positive expectations across review periods.
Context and underlying drivers
The positive outlook is closely linked to expectations of business expansion, improved activity levels, and labour demand.
Respondents reported optimism about volume of business activity for the next month and subsequent periods, indicating potential growth momentum.
In line with this outlook, businesses signalled plans to hire more workers in December 2025.
Sectoral analysis showed that Construction has the highest expansion prospects, while Mining and Quarrying leads employment prospects in the review month.
However, the survey also highlights persistent headwinds.
Respondents cited insecurity, high taxes, poor power supply, high interest rates, and financial challenges as the top business constraints in November.
Poor infrastructure and unfavourable political climate ranked lower, indicating financial and structural challenges weighed more than political factors.
What you should know
Nairametrics reports that Nigeria’s private sector expanded further in November 2025 as PMI rose to 56.4 from 55.4 in October.
The rise signals broader economic expansion, reinforcing Nigeria’s steady rebound this year.
Overall, businesses are cautiously optimistic, expecting growth, but gains depend on tackling insecurity, high costs, and financing challenges.
