The Lagos Chamber of Commerce and Industry (LCCI) will release its business confidence index for second quarter 2013 tomorrow, April 2.
BCI is an indicator that measures the degree of optimism by business owners on the economy through investment and spending.
Declining business confidence is often a pointer to slowing economic activities owing to decline in investment. The idea is that the more confident business owners and managers feel about the economy, the more likely they are to make new investments and create opportunities.
Read also: Nigerian business confidence index drops by 6.6%
LCCI in a statement said, “Aggregate BCI scores for first quarter 2013 showed that business expectation in Nigeria was less confident at a weighted score of 10.5 percent as the figure lagged far behind the 50 percent minimum benchmark for high business confidence level”.
Hotel, telecoms/IT, oil & gas and finance sectors posted a more significant confidence levels relative to the extractive, processing and trade sectors which held negative.
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