Economic Outlookmanufacturers Expressing Cautious Optimism Cbn Survey

Manufacturers in Nigeriaare expressing acautious optimism on the nations economic outlook in the months ahead at the backdrop of a significant low confidence shown in August.

In its latest Business Expectations Survey BES, the Central Bank of Nigeria CBN reported that the manufacturing sector was notably pessimistic in August, while many other sectors were optimistic about the economy.

The survey, which involved 1,600 business enterprises, however, noted that unlike the pessimistic outlook for August, manufacturers expressed cautious optimism for the upcoming months, starting from September.

The manufacturing sector is expected to see a slight improvement in confidence for September, with a projected index of 7.7 points. This anticipated improvement signals a potential rebound in business activity as companies look to adjust to the challenging operating environment, the report stated.