The latest Business Expectations Survey of the Central Bank of Nigeria (CBN) says that businesses across Nigeria identified inadequate electricity supply and insecurity as their most pressing operational challenges in March 2026, despite maintaining a broadly positive outlook on the economy.
“Respondents identified 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,” the report released on Thursday said.
The report noted that despite these constraints, businesses remained optimistic about the macroeconomic environment.
The CBN noted that the confidence index stood at 15.6 points in March, reflecting positive sentiment, although slightly moderated compared to the previous month. The optimism is projected to rise to 43.9 points over the next six months.
The sectoral analysis showed that all sectors expressed confidence in the macroeconomy, with agriculture recording the highest optimism for the current month. The outlook across sectors remained positive in the near and medium terms, signalling sustained economic activity.
On regional performance, the survey showed that optimism was strongest in the North-East, which recorded 39.4 index points, while the South-East lagged behind with negative sentiment at –5.5 points.
However, all regions are expected to record improved outlooks in the coming months.
The report also highlighted that firms anticipate growth in business activity. Respondents expressed positive expectations for volume of orders, business activity, financial condition, and access to credit during the review period, with projections indicating stronger performance in the next six months.
The survey, conducted between March 9 and 13, 2026, covered 1,900 firms across industry, services, and agriculture, with a response rate of 99.7 per cent.
GIK/APA