The Central Bank of Nigeria (CBN) has identified insecurity, high interest rates, and multiple taxes as major constraints on businesses in August 2024.
In its ‘Business Expectation Survey’ (BES) report for August 2024, the CBN noted that despite these challenges, firms are optimistic about business conditions in the next six months, which suggests a positive outlook for employment.
The Agriculture sector is expected to have the highest job prospects, followed by the Industry and Services sectors. The overall confidence index stands at 0.9 index points, reflecting expectations for improvements in the macroeconomy.
Optimism for the upcoming months is driven by sectors including Mining, Quarrying, Electricity, Gas & Water Supply, Non-Market Services, Market Services, Agriculture, and Manufacturing. The confidence index improved by 0.8 points from the previous month.
Respondents anticipate increased business activities and employment, with positive indices projected for the next month, the next three months, and the next six months. This trend is expected to support economic stability and job growth.
Current limitations on business activity include insecurity, high interest rates, high or multiple taxes, an unfavorable economic climate, and insufficient power supply.
