Nigerian Consumer Sentiment Hits Lowest Point Since 2025 as Households Signal Macroeconomic Pessimism

CBN report shows Nigerian consumers are pessimistic about the economy for the first time since 2025, citing high prices and falling family income.

By: AXL Media

Published: Apr 10, 2026, 4:06 AM EDT

Source: Information for this report was sourced from Vanguard News

The Erosion of Household Economic Confidence

Consumer sentiment in Nigeria has officially entered negative territory for the first time since late 2025, marking a significant shift in the public’s perception of the macroeconomy. According to the Central Bank of Nigeria, the overall consumer sentiment index dropped from a positive 0.8 points in February to -10.3 points in March 2026. This downturn reflects a growing skepticism among households regarding the current economic direction, ending a period of relative stability that had persisted since November 2025. The data suggests that the average Nigerian household is now bracing for a more challenging fiscal environment.

Financial Strain and Deteriorating Family Income

The survey highlights specific pressure points within the domestic unit, particularly regarding the Family Financial Situation Index, which fell to -14.7 points. Respondents expressed a pessimistic view of their immediate household finances, compounded by a Family Income Sentiments recording of -1.3 points. This indicates that the perceived erosion of disposable income is no longer a localized concern but a systemic trend affecting the broader population. Many households reported that their current financial standing is significantly weaker than in previous months, contributing to the overall negative macroeconomic outlook.

Perceptions of Inflation and Price Stability

Inflationary expectations remain a primary driver of consumer anxiety, with the Sentiments Index on price changes reaching 40 points in March. Households reported that prices for essential goods and services have risen sharply compared to February and expressed expectations for these costs to remain moderately high over the next six months. A staggering 66.4 percent of surveyed households warned that the Nigerian economy would likely deteriorate further if price increases exceed current levels. This widespread fear of runaway inflation underscores the fragility of the current recovery and the sensitivity of the public to cost-of-living adjustments.