The CBN recently released its May 2019 Business Expectations Survey (BES) Report. The CBN report which had samples covering sectors like services, industrial, wholesale/retail trade, and construction was conducted from May 6-10, 2019 with a sample size of 1050 businesses nationwide also had a 97 percent response rate.
The respondent firms were made up of small, medium and large corporations covering both import- and export-oriented businesses.
In the highlights of the Survey outcome:
- Respondent firms expressed optimism on the macro economy in May 2019.
- Respondents’ outlook on the volume of total order, business activity and financial conditions (working capital) were positive during the review period.
- Firms identified insufficient power supply, high interest rate, unfavourable economic climate, financial problems and unclear economic laws as major factors constraining business activity in May 2019.
- Respondent firms expect the Naira to appreciate in the current month, next month and next twelve months.
- Level of inflation is expected to moderate in both the next six months and the next twelve months; borrowing rate is expected to rise in the current month, next month and next twelve months.
- See full report here