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Power, high interest rate key challenges of Nigerian businesses—CBN Report

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Newly released Business Expectations Survey Report for Q4 2017 of the Central Bank of Nigeria (CBN), has shown that the poor power supply and high interest rate formed key challenges frustrating Nigerian businesses within the period under review.

Added to the duo include vague economic policies, unfavourable economic climate and unhealthy competition.

The report noted that “The surveyed firms identified power supply (62.6 per cent), high interest rate (58.6 per cent), financial problems (56.8 per cent), unfavourable economic climate (46.1 per cent), unclear economic laws (42.7 per cent), insufficient demand (42.6 per cent) and competition (41 per cent) as the major factors constraining business activities in the current quarter”.

CBN said majority of the respondent firms expected the naira to appreciate in the current and next quarters as the confidence indices stood at 1.1 and 39.2 points, respectively.

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