Business confidence levels in the Nigerian market is steadily improving, said the Lagos Chamber of Commerce and Industry, the premiere chamber of commerce in the African nation. This stable investment atmosphere is said to prompt business leaders and prominent entrepreneurs in the region to expand their investments and plant size in the future, said the LCCI.
This improved confidence level was reflected in the country's Business Confidence Index during the third quarter of 2013. The Business Confidence Index is an economic indicator created to rate the optimism levels of figures affecting the local economy, which measures investing and spending activities.
The result of the third quarter BCI index shows a marked improvement of 24% from a previous 16.5% confidence level last quarter. The first quarter result was 10.5%.
"Interestingly, these indicators did not only post a positive confidence, but the levels of confidence achieved this time are trending in line with the global business confidence threshold of 50%," told the chamber of commerce.
"This improvement suggests that business leaders are likely going to expand their investments in the months to come but we are not able to say by how much. Investors are still wary about the state of the economic in the medium term because the lingering limiting factors are yet to be addressed," the chamber assumed.
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