CBN survey shows business confidence rose in May despite insecurity, high borrowing costs

Confidence ticks up, but firms are still wary

Nigerian business confidence improved in May 2026, with the Central Bank of Nigeria’s latest Business Expectations Survey showing the Business Confidence Index at 7.9 points, up from 3.9 in April.

The June 11 report said firms were more upbeat about the macroeconomic outlook even as insecurity, high taxes and borrowing costs continued to weigh on operations.

Legit.ng reported that confidence was broadly positive across agriculture, industry and services, but employment expectations remained negative, which is the awkward part of the story: companies like the outlook, but they are not rushing to hire.

Sector details were mixed but encouraging. Industrial sentiment stood at 12.5 points, agriculture at 9.4 points and services at 4.6 points, while Mining & Quarrying led expansion expectations with 69.2 points.

Firms also expect the naira to appreciate, but they do not expect borrowing costs to fall quickly.

Sources: Nairametrics, Legit.ng