Survey okays Oyo government business outlook

THE business outlook for the Oyo State has been described as positive, with the outlook and confidence rating for doing business in the state standing at 72.2 per cent in the first quarter of the year. 

This was made known through a Business Expectation Survey made public at the weekend by the Office of the Special Adviser to the Governor on Economic Affairs, Professor Musibau Babatunde. 

The Business Expectation Survey the first of its kind in Oyo State was conducted in collaboration with the Ministry of Budget and Economic Planning. 

The survey indicated that businesses in the state have high chances of improvement in their financial condition, volume of order, sales and purchases, business expansion and general business activity. 

A statement by the Chief Press Secretary to the Governor, Mr Taiwo Adisa, indicated that business owners envisage improvements in their financial condition (78.55 per cent, volume of order, sales and purchases (78.55 per cent), business expansion (78.23 per cent), general business activity (77.97 per cent) and microeconomic outlook (76.08 per cent). 

These improvements, the report stated, are despite the challenging environment occasioned by microeconomic factors such as inflation rate, exchange rate and borrowing rate. The statement indicated that the findings were contained in the Business Expectation Survey for the First Quarter of 2021. 

The Quarterly Survey, according to the report, sampled 2,230 businesses, which were successfully interviewed across the 33 local government areas of the state, with 83.7 per cent of the businesses operating in the service, 13.8 per cent in the industrial sector and 2.5 per cent in the agriculture sector. 

The report noted that though the respondents reckoned that the business environment is challenging, they rated their business expansion plans better at 59.94 per cent, employment situation at 59.37 per cent, capacity utilization at 56.45 per cent and financial condition at 55.11 per cent. 

The report added that respondents rated macroeconomic factors such as inflation rate at 17.44 per cent, exchange rate at 21.39 and borrowing rate at 32.1 low. It stated, however, that the level of confidence is high across all classification of businesses.

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