The Central Bank of Nigeria released its February 2025 Household Expectations Survey, indicating that consumers became less pessimistic about the macroeconomy compared with the prior month, with sentiment improving further over three- and six-month horizons. Despite the improved outlook for economic conditions, respondents continued to report elevated prices for household items and expected further price increases. On the macroeconomic outlook, the next-month index improved to -5.8 from -10.8, while the three-month sentiment index rose to 4.0, marking the first positive reading since May 2024, and the six-month index increased to 12.3 from 7.7. Price perceptions remained negative across all horizons, with index points at -40.3 for the current month, -39.9 for the next month, -32.7 for the next three months and -27.2 for the next six months; majorities also expected price increases for housing purchases, rents, telecommunications, car or vehicle purchases and electricity. The expenditure outlook showed households prioritising food and other household items across periods, with education and transportation also ranking highly, consistent with planned spending focused on basic necessities.
Central Bank of Nigeria 2025-03-14
Central Bank of Nigeria publishes February 2025 household expectations survey showing easing economic pessimism but persistent price concerns
The Central Bank of Nigeria's February 2025 Household Expectations Survey shows improved consumer sentiment about the macroeconomy, with the next-month index rising to -5.8 and the three- and six-month indices turning positive. Despite this optimism, price perceptions remain negative, with expectations of further increases in household item costs. Households prioritize spending on food, household items, education, and transportation.