According to the Central Bank of Nigeria (CBN’s) Business Expectation Survey Report for November 2024, businesses are optimistic about the macroeconomic environment but expect the Naira to depreciate further this month and in the first three months of 2025.
They are also pessimistic about the volume of business activities, financial conditions, access to credit, volume of total orders, and average capacity utilisation.
Businesses anticipate that the value of the Naira will decline over the next three months, but then increase over the next six months. According to responders from every industry, the current month’s business outlook is optimistic.
“The construction industry was upbeat about its activities during the month of review.
“Respondents’ perceptions of the volume of business activity, total order volume, financial circumstances, and credit availability were all negative during the review month. respondents’ optimism regarding the level of business activity for the upcoming month and the periods under review that follow.
“Businesses intend to hire more people in December 2024, according to the report, with the agriculture sector showing the greatest growth potential,” the report read.
Consumers were negative about the macro economy in November, according to the CBN’s most recent Consumer Expectation Survey Report.
The CBN report states that households anticipated higher transportation, rent, car/vehicle, house purchase, and medical costs this month.
According to the report, 61.1 per cent of respondents believed that although the prices of durable and non-durable household items were high, they would continue to drop this month and next month, respectively.
