The Central Bank of Nigeria published its September 2025 Expectations Survey Report, indicating a modest improvement in overall consumer sentiment and a return to optimism on family income. The Overall Consumer Sentiment index rose to -6.4 points from -7.2 in August 2025, alongside a better Economic Condition reading (-2.9 from -4.3) and a slightly improved Family Financial Situation index (-16.5 from -17.0), while Family Income sentiment turned positive at 0.1 points for the first time since April 2025. Forward-looking macroeconomic expectations were positive for the next month (1.4 points), next three months (8.8), and next six months (13.7), driven by anticipated improvements in economic conditions and family income. Price perceptions remained negative, with respondents continuing to view prices as high and expecting further increases over the next month, three months, and six months (with the period indices shown as -6.2 for October 2025, -12.9 for December 2025, and -19.1 for March 2026). Average prices of selected items were perceived to be high (34.5 points), although Food and Other household items recorded a low-price sentiment (-25.5) that was expected to persist for the next three months; respondents anticipated slight increases for Savings, Electricity, and Education over the next three and six months. Planned spending remained concentrated on necessities, led by Food and Other Household items, followed by Education, Transportation, and Electricity, while sentiment stayed negative toward major purchases such as houses (-65.9), vehicles (-63.3), consumer durables (-51.4), investment (-40.9), and rent (-27.3); both buying-condition and buying-intention indices for big-ticket items remained below the 50 threshold (current-month buying intentions were 18.6 for consumer durables, 15.1 for motor vehicles, and 15.7 for buildings and landed properties). On policy-related attitudes, 67.4% of households said faster price increases would weaken the economy, 49.0% reported higher bank loan interest rates over the past three months, and 62.0% preferred lending rates to fall, including 43.1% who favoured lower rates even if inflation rises.
Central Bank of Nigeria 2025-10-15
Central Bank of Nigeria survey shows consumer sentiment improves and family income expectations turn positive in September 2025
The Central Bank of Nigeria's September 2025 Expectations Survey Report shows a modest improvement in consumer sentiment, with the Overall Consumer Sentiment index rising to -6.4 points from -7.2 in August. Despite positive macroeconomic expectations, price perceptions remain negative, with respondents anticipating further increases over the next six months. Planned spending is focused on necessities, while sentiment toward major purchases remains negative, with buying-condition indices for big-ticket items below the 50 threshold.