Nigerian businesses are keeping their heads up about the future, but they are playing defense right now by freezing new hiring.
The Central Bank of Nigeria’s (CBN) June 2026 Business Expectations Survey shows a slight dip in immediate business confidence, with its index dropping from 7.9 points in May to 7.2 points in June. Even though companies expect a major rebound in orders and sales over the next few months—largely hoping that economic diversification and government reforms will pay off—they aren’t taking any chances with their payrolls. The near-term hiring index fell into negative territory at -8.3 points, showing that businesses are actively prioritizing cost-cutting over workforce expansion.
The survey also exposes a massive geographic split in how business owners feel:
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The Optimists: Northern businesses are feeling highly positive, with the North-East leading the country at 29.5 confidence points. Sector-wise, mining and quarrying companies are the most upbeat, with nearly 85% planning to expand.
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The Pessimists: In contrast, southern business owners are deeply worried. Confidence levels in the South-East and South-South crashed into negative territory at -9.0 and -7.9 points respectively, dragged down by poor electricity supply, high taxes, and high interest rates making it nearly impossible to access affordable credit.
