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According to the survey, businesses cite the elevated cost of borrowing as a significant deterrent to expansion and day-to-day operations. Security challenges have not only increased business costs through heightened expenditure on private security but have also discouraged potential investments in regions heavily affected by such risks.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
Despite these hurdles, the survey suggests a cautious optimism among Nigerian businesses about future growth, with several sectors, including agriculture and non-market services, forecasting modest improvements in business confidence and expansion plans in the coming months. The currency has faced pressure following exchange rate unification policies, which led to a marked decline in its value earlier this year.
“The October 2024 Business Expectations Survey was conducted from October 7 to 19, 2024, with a sample size of 1,750 business enterprises across Nigeria. The survey achieved a response rate of 98.0%, covering three key sectors: Industry, Services, and Agriculture,” it said.