CATEGORY: OBG Business Barometer
Although the local economy has continued to recover from the negative impacts of the oil price shock of 2014 and the 2016 recession, more remains to be done to achieve economic diversification. The results of our second Business Barometer: Nigeria CEO Survey show increased confidence among C-suite executives, with 85% expressing positive or very positive expectations of local business conditions in 2018. Nevertheless, the economy remains over-reliant on the export of hydrocarbons, with 82% of interviewees citing a rise in oil prices as the top external event that could impact the Nigerian economy in the short to medium term.
Although the Nigerian economy has continued to achieve positive growth as it recovers from the negative impacts of the oil price shock and the 2016 recession, more remains to be done to achieve economic diversification.
Progress on fiscal consolidation and a recent rebound in commodity prices have led to a more optimistic medium-term outlook. In our previous OBG Business Barometer: Trinidad & Tobago CEO Survey, released in late 2017, 57% of C-suite executives had positive expectations for the coming 12 months, which improved
to 69% in our latest results. Furthermore, over two-thirds say they are likely or very likely to make a significant capital investment in the coming year. This is perhaps due in part to the country’s favourable tax environment, which 64% of respondents describe as competitive or very competitive on a global scale.