CBN Lists Sectors Likely To Employ More Nigerians in Latest Business Survey

• The CBN has released its business expectations surveys which give an idea of the state of the economy
• In its latest published report, CBN revealed that businesses in the construction sector are likely to employ
• The business survey also shared opinions on the exchange rate, and borrowing rate, among others

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria has identified key sectors likely to create more jobs with construction leading employment prospects in its latest business expectations survey.

The CBN report for February 2025 showed that businesses remained optimistic about the macroeconomic outlook.

Executive summary of CBN's report reads:

"Respondent firms expressed optimism about the overall macroeconomy, which may be attributed to their positive outlook on the exchange rate.

"The overall confidence index (CI) on the macroeconomy indicated that businesses were optimistic in February 2025.

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"All sectors expressed optimism in February 2025, with the industry sector recording the highest optimism.

"The mining & quarrying; electricity, gas & water supply sector indicated the highest expansion plan for March 2025. Respondent firms expect the naira to appreciate across all the reviewed periods.

"The overall capacity utilization improved in February 2025, with the construction sector leading. All three broad sectors expressed optimism about the macroeconomy in the review period."

CBN's business outlook and optimism

The overall confidence index for the macroeconomy reflected optimism, with the industry sector recording the highest level of confidence.

All sectors surveyed, including construction, manufacturing, and mining & quarrying, expressed positive expectations for the coming months.

The mining, quarrying, electricity, gas, and water supply sectors indicated the highest expansion plans for March 2025.

Businesses also expressed confidence that the naira would be appreciated across all review periods.

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CBN's findings on employment and expansion plans

In line with favourable expectations, businesses plan to increase employment levels in March 2025.

The construction sector had the highest employment prospects, while the mining and quarrying sector recorded the highest expansion potential.

The survey revealed that 23.6% of businesses expected to hire more workers, while 76.5% anticipated business expansion.

Business constraints

Despite the optimism, businesses highlighted key challenges affecting operations. High interest rates, insecurity, insufficient power supply, heavy taxation, financial difficulties, and high bank charges were cited as major constraints in February 2025.

Expectations on exchange rate and borrowing rate

Respondents expect the naira to appreciate across all the review periods. They also anticipate that the borrowing rate will rise across all the review periods.

How was CBN's survey carried out?

The report further stated that the methodology used for its Business Expectations Survey (BES).

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It said:

"The February 2025 Business Expectations Survey (BES) was conducted from February 10 to 14, 2025, with a sample size of 1,900 business enterprises across Nigeria. The survey achieved a response rate of 99.7%, covering three key sectors: industry, services, and agriculture.

"The BES report provides the views of the respondents and does not in any way represent the views of the Central Bank of Nigeria. As such, the CBN cannot be held liable for any action taken based on the responses provided in this survey."

Dangote lists economic benefits of refinery

Earlier, Legit.ng reported that the Dangote group outlined the economic benefits of the Dangote Petroleum Refinery.

In a message shared on Friday, March 14 the conglomerate said that the refinery has played an important role in the economic development of Nigeria.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng