Many businesses in Nigeria are optimistic about surviving the country’s economic setbacks over the next few months.
But they are groaning about high interest rates, insecurity, and poor power supply, which is limiting their operations.
This was revealed in the Business Expectation Survey conducted by the Central Bank of Nigeria, which was obtained by THE WHISTLER.
Nigeria is facing an economic reform which has led to high cost of operation since the Bola Ahmed Tinubu’s government came onboard.
Despite high inflation at 23.18 per cent, high energy costs, an epileptic power supply and insecurity, businesses say they gave no options other than adjusting to the direction of the economy.
According to the survey, the optimism of the outlook for the period, which covers March, April, May, June, July and August, is driven by businesses operating in the South East.
“Respondent interest rate, insecurity, insufficient power supply, high taxes, financial problems and high bank charges as top business constraints,” the survey revealed.
On points bases, 75 per cent of firms voted high interest rate as a major concern while 73.9 per cent pointed to insecurity as a major constraint.
Insufficient power supply and high taxes was at 73.8 per cent and 73 per cent respectively while 68.5 per cent of the businesses pointed to financial problems as a major setback.
The companies, however, expect the naira to appreciate, but they project that borrowing rate will be on the rise.
High Interest Rate, Insecurity, Poor Power Supply Remain Our Major Challenge- Entrepreneurs is first published on The Whistler Newspaper
Source: The Whistler
