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Employment by Businesses to Improve in November, Says CBN Survey 

Business owners in Nigeria have expressed a positive view that employment rates will increase in November and December,  a Central Bank of Nigeria (CBN) report titled, October 2020 Business Expectation Survey Report, has disclosed.

Respondents who spoke to CBN said that concerning employment and expansion plans for businesses there was a “favourable business outlook” for November and December 2020. Their index predictions were 19.5 index points for November and 22.5 index points for December.

A breakdown by sector showed that the agricultural and services sector had the highest prospect for employment in November with 20.8 index points, followed by the manufacturing sector which had an index point of 20.5, then the construction sector wIth 11.4 index points. Wholesale and retail trade had 10.5 index points.

Respondents in the survey also examined the possibility of business expansion for the next six months.

The construction sector despite its low index in employment is expected to expand in November 2020 with an index of 64.7 points, followed by the agriculture and services sector which is expected to expand by an index of 49.8 points. Wholesale/retail trade sector is predicted to expand by 46.8 index points and the manufacturing sector with 42 index points.

General highlights showed that respondent firms expected the Naira to depreciate in October, an expectation that came through. But the Naira is expected to appreciate in November and December till June 2021.

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