The Central Bank of Nigeria’s (CBN) Business Expectations Survey for December 2024 reveals that businesses in the North-East region are driving economic optimism across the country. The North-East holds the highest confidence level at 32.8%, outpacing other regions, including the North-West (13.9%), North-Central (17.2%), South-West (15.5%), South-South (18.3%), and South-East (4.3%).
This optimism is largely driven by improvements in agriculture, commerce, and small-scale manufacturing. Despite ongoing challenges in infrastructure and security, businesses in the region remain resilient, leading to a positive outlook on economic activity and growth.
A sample of 1,900 businesses from various sectors participated in the survey, which recorded a high response rate of 96.8%. Sectors such as agriculture, industry, trade, and services are vital to Nigeria’s economic trajectory and the survey reflects their growing importance in shaping future outcomes.
The North-East’s strong performance highlights its critical role in Nigeria’s economic recovery and diversification. Efforts to boost agricultural productivity, revive local industries, and strengthen trade networks have been key in fostering optimism. Experts suggest that the region’s progress could attract more investment, stimulating growth across Nigeria.
Other regions, like South-South and North-Central, also show strong optimism, primarily driven by activities in energy, oil and gas, and food production. However, the South-East’s relatively low confidence (4.3%) points to ongoing challenges that need targeted interventions in infrastructure and investment.
In terms of capacity utilization, the mining sector leads with an average utilization rate of 55.6%, followed by agriculture at 54.7% and manufacturing at 54%. These key sectors play a significant role in Nigeria’s recovery and growth.
Overall, the survey shows a positive outlook across Nigeria, with industry and agriculture at the heart of the country’s non-oil economic expansion. Policymakers may use this data to guide investment and support for regions with high growth potential, particularly the North-East.
 Business Expectations Survey for December 2024 reveals that businesses in the North-East region are driving economic optimism across the country. The North-East holds the highest confidence level at 32.8%, outpacing other regions, including the North-West (13.9%), North-Central (17.2%), South-West (15.5%), South-South (18.3%), and South-East (4.3%).){kind=link}