WATCH THE VIDEO HERE This positive sentiment, shared by firms across various sectors, reflects a strong confidence in economic activity, except in the construction sector, which has reported caution in employment plans. The survey highlights that sectors such as agriculture, mining, electricity, and water supply are at the forefront of this optimism, driving expectations for both employment growth and capacity utilization. What the report is saying On Employment: Among the surveyed sectors, agriculture holds the highest prospects for workforce expansion in November 2024. “In line with the favourable expectations, businesses hope to employ more workers in the month of November 2024 except for the Construction Sector. An analysis of the Sectors showed that Agriculture had the highest prospect for employment and expansion in November 2024” CBN Survey. On Capacity Utilization: Businesses surveyed indicated an upward trend in October 2024. The BES report emphasizes that most Nigerian businesses maintain an optimistic outlook on their operations, despite the persisting challenges in the industrial sector. Looking beyond November, the survey reflects a favourable outlook for business activity in January and April 2025.
Nigerian businesses tell CBN they plan to hire more in November as “optimism” rises
