CBN Releases Q115 Business Expectations Survey

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Tuesday, April 07, 2015 5.59Pm/CBN

Executive Summary

The Q1, 2015 Business Expectations Survey (BES) was carried out between the period of February 2—13, 2015 with a sample size of 1,900 business enterprises nationwide. A response rate of 98.9 per cent was achieved, and the sectors covered during the exercise included Industry, Construction, Wholesale/Retail Trade and Services.

The highlights of the BES report are as follows:

• Respondent firms were optimistic on the macro economy as the business condition in Nigeria was ex-pected to improve in Q1 2015. The optimism was driven by the opinion of respondents from the services sector (7.2 points), followed by wholesale/retail trade (4.1 points) and industrial (1.6 points) .

• Respondents’ optimism in the volume of total order and the internal liquidity position, buoyed the vol-ume of their business activities in the current quarter. Similarly, the positive outlook in access to credit by the majority of firms upped the financial condition of firms in the review quarter.

• The positive outlook in the volume of business activities of the firms implied improved prospects for employment in the next quarter. The sector with the highest prospect for employment is the services sec-tor followed by wholesale/retail trade, industrial and construction.

• The respondent firms emphasized that insufficient power supply was the major factor constraining the business activity in Q1 2015. Other constraining factors are high interest rate, financial problems, com-petition, unfavourable economic climate and unfavourable political climate

• Respondent firms expect the naira exchange rate to depreciate in the current and next quarters. They also expect inflation and borrowing rates to rise in both the current and next quarters.

The Q1, 2015 Business Expectations Survey (BES)1 was conducted during the period February 2– 13 2015. There were 1,900 firms surveyed nationwide, drawn from the updated survey frames of both the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS). The survey produced a response rate of 98.9 per cent in the quarter under review.

The Map and Table 1 below show the sampled states, the sample size and the percentage response rate of the survey.

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