Business confidence among Nigerian firms weakened slightly in June as rising operating costs and persistent macroeconomic pressures moderated optimism, although sentiment remained positive, the Central Bank of Nigeria (CBN) said.
The apex bank’s latest Business Expectations Survey (BES) showed that the Business Confidence Index (BCI) declined to 7.2 points in June from 7.9 points in May, reflecting a modest slowdown in business optimism while remaining firmly in positive territory.
The CBN said businesses in the formal sector remained broadly optimistic, supported by ongoing economic reforms and efforts to diversify the economy, despite continued pressure from high operating costs and other business challenges.
The survey showed businesses expect conditions to improve in the coming months, with the BCI projected to rise to 17.6 points in July, 24.1 points over the next three months and 30.9 points within six months, driven largely by expectations of sustained structural reforms and supportive fiscal policies.
Economic diversification remained the biggest source of optimism, cited by 38.3 per cent of respondents, while 16.2 per cent attributed their positive outlook to government fiscal measures.
