…As sentiments on price improve
Elizabeth Adegbesan
Businesses have expressed optimism about the macroeconomy, with their confidence reaching 37.5 index points in November 2025.
The Central Bank of Nigeria, CBN, disclosed this today in its Business Expectation Survey Report for November 2025 noting that the Confidence Index is expected to reach a peak of 52.8 index points in the next six months.
“The Confidence Index 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.”
According to CBN, all the sectors expressed optimism on the business outlook of the macroeconomy in November, with the Industry sector leading at 38.1 index points.
“The optimism is expected to remain strong over the next six months, as confidence indices for Industry, Agriculture and Services reflect sustained positive outlooks across all reviewed periods.
“In line with the expected business expansion plan, businesses anticipate hiring more workers in December 2025.
An analysis of the Sectors showed that the Construction sector had the highest
prospect for expansion while Mining &
Quarrying had the highest prospect for
employment in the review month”, CBN added.
The apex bank noted that respondents identified insecurity (70.1), high/multiple taxes (69.7), insufficient power supply (69.3), high interest rate (67.2), and financial problems (64.7) as the top five (5) business constraints in November 2025, highlighting factors that
directly impact on operational stability and profitability.
“At the bottom of the top ten constraints were Poor Infrastructure (57.7) and
Unfavourable Political Climate (57.7).
“This suggests that business constraints were more focused on financial factors
than political challenges in the review period”, CBN stated.
Meanwhile, the inflation expectations index dropped to 43.5 points in November from 48.7 points in October 2025, reflecting improved sentiments on price.
In its latest Inflation Expectations Survey Report released today, CBN said: “
The inflation expectations index fell to 43.5 points in November 2025 from 48.7 points in October 2025, indicating improved sentiments about price.
“This improvement is driven by
opinions of both theBusinesses(55.4 percent to 50.3 percent) and Households(57.7 percent to 54.7 percent).
“For Businesses, micro businesses (54.6 percent) reported the highest perception of high inflation, while small businesses (46.4 percent) had the least perception. “For households, urban respondents (54.8 percent) reported a higher inflation perception than their rural counterparts( 54.6).
“An analysis of households’ perception by income revealed that households earning less than N30,000 monthly (59.8 percent) had the highest percentage of respondents who perceived inflation to
be high.
“Energy, exchange rates, and transportation were the top 3 drivers of inflation perceptions in November 2025.
“About 92.9 percent of respondents opined that CBN is transparent in its inflation communication in the review period.”
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