Nigeria — A recent survey by the Central Bank of Nigeria (CBN) reveals that manufacturers are beginning to express cautious optimism regarding the nation’s economic outlook for the coming months. This comes in contrast to the low confidence levels reported in August, where the manufacturing sector exhibited notable pessimism.

The CBN’s latest Business Expectations Survey (BES), which included responses from 1,600 businesses, highlighted that while many sectors were optimistic, manufacturing and construction faced significant challenges. The survey reported negative indices of -5.5 and -10.0 points for manufacturing and construction, respectively, reflecting a marked lack of confidence.

However, looking ahead to September, the survey indicates a slight recovery in confidence among manufacturers, with a projected index of 7.7 points. This anticipated improvement suggests that businesses are adjusting to the challenging operating environment and are hopeful for a rebound in activity.

The survey outlined a mixed sentiment across various sectors. While manufacturing and construction struggled, sectors such as mining, quarrying, and utilities showed promising signs of optimism. The mining and quarrying sector registered an impressive index of 30.4 points, while electricity and gas supply also reported positive indices of 2.7 points.

This disparity highlights the varied economic landscape within Nigeria, where some sectors are adapting more successfully than others. The optimism in the mining and utilities sectors contrasts sharply with the challenges faced by manufacturing and construction, signaling a complex economic recovery process.

As the country navigates its economic landscape, the cautious optimism from manufacturers could be a sign of resilience, suggesting that with the right adjustments, there may be room for growth in the months ahead.