The Central Bank of Nigeria has identified key sectors likely to create more jobs with construction leading employment prospects in its latest business expectations survey.

The CBN report for February 2025 showed that businesses remained optimistic about the macroeconomic outlook.

The executive summary of the report reads: "Respondent firms expressed optimism about the overall macroeconomy, which may be attributed to their positive outlook on the exchange rate.

"The overall confidence index (CI) on the macroeconomy indicated that businesses were optimistic in February 2025.

"All sectors expressed optimism in February 2025, with the industry sector recording the highest optimism.

"The mining & quarrying; electricity, gas & water supply sector indicated the highest expansion plan for March 2025. Respondent firms expect the naira to appreciate across all the reviewed periods.

"The overall capacity utilization improved in February 2025, with the construction sector leading. All three broad sectors expressed optimism about the macroeconomy in the review period."

Business outlook and optimism

The overall confidence index for the macroeconomy reflected optimism, with the industry sector recording the highest level of confidence.

All sectors surveyed, including construction, manufacturing, and mining & quarrying, expressed positive expectations for the coming months.

The mining, quarrying, electricity, gas, and water supply sectors indicated the highest expansion plans for March 2025.

Businesses also expressed confidence that the naira would be appreciated across all review periods.

Employment and expansion plans

In line with favourable expectations, businesses plan to increase employment levels in March 2025.

The construction sector had the highest employment prospects, while the mining and quarrying sector recorded the highest expansion potential.

The survey revealed that 23.6% of businesses expected to hire more workers, while 76.5% anticipated business expansion.

Business constraints

Despite the optimism, businesses highlighted key challenges affecting operations. High interest rates, insecurity, insufficient power supply, heavy taxation, financial difficulties, and high bank charges were cited as major constraints in February 2025.

Expectations on the exchange rate and borrowing rate

Respondents expect the naira to appreciate across all the review periods. They also anticipate that the borrowing rate will rise across all the review periods.

How the survey was carried out?
The report further stated that the methodology used for its Business Expectations Survey (BES).

It said:

"The February 2025 Business Expectations Survey (BES) was conducted from February 10 to 14, 2025, with a sample size of 1,900 business enterprises across Nigeria. The survey achieved a response rate of 99.7%, covering three key sectors: industry, services, and agriculture.

"The BES report provides the views of the respondents and does not in any way represent the views of the Central Bank of Nigeria. As such, the CBN cannot be held liable for any action taken based on the responses provided in this survey."

Dangote lists economic benefits of refinery

Earlier, Legit.ng reported that the Dangote group has outlined the economic benefits of Dangote Petroluem Refinery since it began operation.

In a message shared on Friday, March 14 the conglomerate said that the refinery has played an important role in the economic development of Nigeria.