Consumers in Nigeria have expressed a pessimistic outlook on the economy for the first time since November 2025, according to the latest Household Expectations Survey by the Central Bank of Nigeria (CBN).
The report shows that the overall consumer sentiment index dropped sharply to -10.3 points in March 2026, down from 0.8 points recorded in February, reflecting growing concerns about the macroeconomic environment. Key indicators also weakened, with the Economic Conditions Index at -14.5 points and the Family Financial Situation Index at -14.7 points, both pointing to worsening perceptions of current economic realities.
Household income expectations were only slightly negative, with the Family Income Sentiment Index at -1.3 points. However, respondents generally reported that prices had risen compared to the previous month, with the price perception index standing at 40 points. Many households also expect prices to remain moderately high over the next six months.
The survey further revealed that 66.4 per cent of respondents believe the economy could deteriorate if inflation rises beyond current levels, highlighting widespread anxiety over the cost of living and purchasing power.
In contrast, businesses maintained a positive outlook. The CBN’s Business Expectations Survey for March 2026 showed a confidence index of 15.6 points, with projections to rise to 43.9 points within six months. Sectors such as agriculture, manufacturing, and mining expressed optimism, with agriculture leading in expansion plans.
Despite this optimism, businesses identified major constraints, including poor power supply, insecurity, multiple taxation, high interest rates, and limited access to finance. The CBN noted that addressing these structural challenges is critical to improving business performance and sustaining economic growth.
