Nigerian businesses to create more jobs — CBN survey

According to the latest Business Expectations Survey (BES) from the Central Bank of Nigeria (CBN), Nigeria’s economy is set for a boost, with job opportunities expected to rise across various sectors as businesses show confidence in their expansion plans.

The July 2024 BES, conducted between July 15 and 19, surveyed 1,600 business enterprises nationwide, achieving a high response rate of 98.9 percent.

The survey covered key sectors such as industry, services, and agriculture, with input from subsectors like manufacturing, construction, mining and quarrying, and electricity, gas & water supply.

The report reveals that businesses are particularly optimistic about the volume of business activities and employment outlook for August 2024, with indices at 14.4 and 8.1 points, respectively.

This suggests a potential increase in employment, contributing to economic stability and job creation across various industries.

Respondents expressed confidence in expanding their operations across all sectors in August 2024. The agriculture sector showed the highest potential for growth at 66.9 percent, followed by construction (56.3 percent), market services (55.2 percent), non-market services (50.9 percent), manufacturing (44.3 percent), and mining & quarrying (30.0 percent).

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This expansion trend is accompanied by a positive employment outlook, particularly in agriculture, which has an employment outlook index of 14.5 points.

The construction sector follows with 13.9 points, with mining & quarrying (11.8 points), manufacturing (6.0 points), non-market services (5.8 points), and market services (5.8 points) also expected to see job growth.

However, the survey also identified significant challenges, with insecurity being the top concern for businesses. Other issues such as high interest rates, insufficient power supply, multiple taxes, and corruption were also highlighted as barriers to business growth.

Despite these challenges, the positive sentiment in the CBN’s survey indicates a promising outlook for Nigeria’s economy, with job creation and economic stability on the horizon.