The Central Bank of Nigeria (CBN) has stated that while the country’s economy has emerged from a period of contraction and is showing signs of recovery, many households remain pessimistic about their personal financial outlook and the broader economic environment. The assessment was contained in the apex bank’s latest household expectations survey.
According to the report, improvements in key economic indicators suggest that economic activity is gradually strengthening. However, many Nigerians continue to express concerns over the rising cost of living, inflation, unemployment and declining purchasing power, factors that have dampened consumer confidence despite the broader economic recovery.
The survey revealed that although respondents acknowledged signs of improvement in the economy, expectations for household finances over the coming months remained largely negative. Many families indicated that persistent increases in the prices of food, transportation and essential services continue to strain their budgets.
The CBN noted that consumer sentiment plays a critical role in sustaining economic growth, stressing that stronger household confidence is necessary to support spending, investment and overall economic expansion. It added that continued implementation of monetary and fiscal policies aimed at stabilising prices and boosting productivity would be essential to improving public confidence.
Economic analysts say the findings reflect the gap between macroeconomic indicators and the everyday experiences of Nigerians. While official data may point to economic recovery, many households are yet to feel the benefits due to high inflation and the lingering effects of recent economic reforms.
The report underscores the need for policies that not only drive economic growth but also translate into improved living standards, job creation and greater financial stability for households across the country.
