Nigeria: Business Confidence in Economy Rises in July - CBN Survey

1 August 2019

A Central Bank of Nigeria, CBN, survey report has shown that business' confidence in the country's macro economy rose by 0.8 basis point to 28.1 index points in July from 27.3 index points in June.

The report, entitled "Business Expectation Survey (BES) report for July," also showed that respondent firms projected a 0.38 percent rise in inflation rate in the next months from 11.22 percent recorded last month.

The report read: "At 28.1 index points, respondents expressed optimism on the overall confidence index (CI) on the macro economy in the month of July 2019. The business outlook for August 2019 showed greater confidence on the macro economy with 64.1 index points.

"The optimism on the macro economy in the current month was driven by the opinion of respondents from services (15.4 points), industrial (10.0 points), wholesale/retail trade (2.0 points) and construction (0.7 points) sectors. Whereas the major drivers of the optimism for next month were services (36.5 points), industrial (20.7 points), wholesale/retail trade (4.8 points) and construction (2.1 points) sectors .

"The positive outlook by type of business in July 2019 were driven by businesses that are neither import- nor export-oriented (19.3 points), both import- and export-oriented (4.8 points), import-oriented (3.4 points), and those that are export-related (0.7 points)."

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