CBN Survey Reveals Low Confidence In Nigeria’s Economy
By Ejiogu Paul
The Central Bank of Nigeria (CBN) September Survey has shown that Businness organizations lacked confidence in the economy.
This was disclosed by the Statistics Department of Central Bank of Nigeria (CBN), in its ‘September 2020 Business Expectations Survey Report.’
Part of the report explained that the “respondent firms expressed pessimism on the macro economy.”
The respondent firms identified major factors causing constrain in business activities in September 2020 such as insufficient power, unfavourable economic climate, financial problems, high interest rate, competition, unclear economic laws, unfavourable political climate, insufficient demand, access to credit and lack of equipment.
The Central Bank of Nigeria (CBN) explained that September Survey was conducted online from 7 to 11 September, 2020 with a sample size of 1,050 businesses (small, medium and large businesses covering both import and export oriented businesses) nationwide.
The sample covered agriculture/sciences, manufacturing, wholesale/retail trade, and construction sectors, with response rate of 99.6 per cent achieved.
