FRI APRIL 10 2026-theGBJournal| The business environment in Nigeria remained broadly favourable in March 2026, as firms sustained positive expectations about the macroeconomic outlook, according to the latest Business Expectations Survey released by the Central Bank of Nigeria (CBN).
The report indicates that businesses continued to express optimism across key reference periods, reflecting resilience in sentiment despite ongoing economic adjustments.
However, the level of confidence moderated slightly compared to the previous month, suggesting a cautious undertone among respondents.
While firms remain upbeat about general economic conditions, emerging concerns around cost pressures and market uncertainties appear to have tempered the pace of optimism.
The Confidence Index (CI) for March 2026 stood at 15.6 index points, underscoring a still-positive outlook on the macroeconomy.
This optimism is expected to improve gradually to 43.9 index points in the next six months.
This reading highlights sustained business confidence, even as companies navigate a complex operating environment shaped by evolving policy dynamics and external economic factors.
According to the survey all sectors reported a positive outlook on the macroeconomic business environment for the current month, with the Agriculture sector showing the highest level of optimism at 18.1 index points.
The outlook over the next six months remains strong, with confidence indices in all sectors reflecting continued positive sentiment over the review periods.
All sectors reported a positive outlook on the macroeconomic business environment for the current month, with the Agriculture sector showing the highest level of optimism at 18.1 index points.
The outlook over the next six months remains strong, with confidence indices in all sectors reflecting continued positive sentiment over the review periods.
The Manufacturing sector recorded the highest capacity utilisation in the current month, while all the sectors expressed optimism about the macroeconomy with the Agriculture Sector recording the highest confidence.
Overall, average capacity utilization across the sectors stood at 52.5% in March 2026.
Meanwhile, the survey shows that respondents expect the Naira to appreciate across the review periods, and were optimistic that the volume of business activity in April,
June and September 2026 would be favourable.
As for expansion next month, all sectors reported a positive outlook. Similarly, all the sectors reported positive employment outlook for all the review periods.
The notes that, although businesses expressed a positive outlook, they continue to face key operational challenges, particularly inadequate power supply, security concerns, and the burden of high/multiple taxes.
The flagged insufficient Power Supply (74.5), Insecurity (70.9), High/Multiple Taxes (69.2), High Interest Rate (66.6), and Financial Problems (64.3) as the top five (5) business constraints in March 2026, highlighting factors that directly impact operational stability and profitability
Overall, the findings in the review period highlight the need for improvements in energy supply, security conditions, and the regulatory/financial environment to enhance business stability and profitability.
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