Nigerian businesses are grappling with a harsh operating environment marked by insecurity, multiple taxation, and elevated borrowing costs. However, they continue to express growing confidence in the country’s economic outlook, according to the Central Bank of Nigeria (CBN) May 2026 Business Expectations Survey.
The Business Confidence Index (BCI) stood at 7.9 points in May, a notable increase from the 3.9 index points recorded in April. This trajectory reflects a mixed but generally positive outlook among corporate leaders regarding the domestic economic environment.
Policy ease and diversification fuel positive sentiment
This improvement in market sentiment was largely supported by a perceived easing of governance and policy-related concerns (15.7 percent) and continued progress in economic diversification (15.6 percent). Conversely, more cautious sentiments reflect ongoing energy-related challenges (26.7 percent) and elevated geopolitical uncertainties (7.7 percent).
The survey demonstrated that whilst firms remain optimistic about business conditions over the coming months, significant structural challenges
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