The Central Bank of Nigeria (CBN) says that some companies in the country have identified insufficient energy supply, high-interest rates, and an unfavorable economic climate as essential factors that limited companies in July.
Other factors, according to the bank, include financial problems, insufficient demand, and unclear economic laws.
The CBN made the observations in its July issue of the Monthly Commercial Expectations Survey (BES) Report published by its Statistics Department and published on its website.
The Nigerian News Agency (NAN) reports that the survey, with a sample size of 1,050 companies nationwide, had a response rate of 97.4 percent and covered services, industrial, wholesale and retail trade, as well as the construction sectors.
“At 28.1 index points, respondents expressed optimism about the general Confidence Index (CI) in the macroeconomy in July 2019.
“The commercial outlook for August 2019 showed greater confidence in the macroeconomy with 64.1 index points.
“Optimism about the macroeconomics in the current month was driven by the opinions of respondents from the service sectors (15.4 points), industrial (10.0 points), wholesale/retail (2.0 points) and construction (0.7 points).
“While the main drivers of optimism for next month were the services (36.5 points), industrial (20.7 points), wholesale/retail (4.8 locations), and construction (2.1 points).
“The positive outlook by type of business on July 2019 was driven by companies that were not oriented towards importation or exportation (19.3 points), both importation and exportation (4.8 points), importation (3.4 points) and those that were related to export, “the report said.