According to expectations from firms, the retail and wholesale trade sector will drive business expansion in August.

The statistics department of the Central Bank of Nigeria disclosed this in its business expectation survey report. The survey was conducted in July.

The report said the analysis of businesses with expansion plans in August showed that the wholesale/retail trade sector indicates the highest disposition to expand with an index 46.3 points;

At -7.9 index points, it stated that the overall confidence index indicated respondents’ pessimism on the overall macro economy in the month of July.

However, it added, respondents were optimistic in their outlook for August with a confidence index of 33.7.

They expressed optimism in the overall business outlook in September 2020 and January 2021 as shown in a greater confidence of the economy, at 45.5 and 62.4 index points respectively.

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