Nigerians pessimistic about prevailing economic conditions
The Central Bank of Nigeria’s (CBN) April 2025 Household Expectations Survey report reveals a decline in consumer confidence, with the overall index falling to -15.3 points in the month under review from -8.1 index point in the preceding month, signalling deepening pessimism among Nigerian households.
The survey gauges consumers’ sentiment across three key areas: economic condition, family financial situation, and family income. Respondents reported negative outlooks for all three – economic condition (-15.2 index points), family financial situation (-25.0 index points), and family income (-5.7 index points).
Looking ahead, consumers remain pessimistic for May (-5.8 index points), but sentiment turns cautiously optimistic for July (2.5 index points) and October (10.0 index points), suggesting expectations of gradual improvement later in the year. The household’s perception index for prices stood at -22.8 points, indicating widespread belief that prices remain relatively high.
To strengthen consumer confidence and support economic recovery, the report highlights the need for targeted interventions to reduce macroeconomic volatility, particularly through effective foreign exchange and inflation management. It also highlights the importance of strategic investments in the transport and power sectors, and raw materials, to lower production costs, which could help ease inflationary pressures and stabilise prices.
