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North records negative business confidence – LCCI

By on April 1, 2013

Business confidence in the northern part of the country has fallen drastically below zero per cent due to the increasing level of insecurity in the region, latest findings by the Lagos Chamber of Commerce and Industry have shown.

The chamber, in a report made available to our correspondent on Sunday, said though the lull in business confidence level in the region was expected, the situation had caused a severe setback to potential investments in the country, especially in the affected locations.

The report entitled: ‘Nigerian Business Confidence Index (Q2, 2013),’ stated that investors were most confident in businesses located in the South-West with BCI score of 38 per cent.

This was followed by companies operating in the South-East and South-South with BCI scores of 29 per cent and 19 per cent, respectively.

The report stated, “Businesses located in North-East, North-West and North-Central sustained negative confidence at BCI score of -2 per cent, -1.5 per cent and -0.1 per cent, respectively.

“While we note the resilience of businesses operating in southern Nigeria for keeping up amid increasing threats, the worsening security situation may have caused severe setback to businesses and potential investment, particularly in the North, and the country in general.”

The BCI is an economic indicator designed to measure the degree of optimism on the state of the economy as expressed by business leaders through their investment disposition.

 

 

 

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