A new survey by the Central Bank of Nigeria (CBN) has revealed that Nigerian businesses and households are still grappling with high interest rates, multiple taxation, and poor infrastructure, even as optimism about the economy continues to rise.
According to the CBN Business Expectation Survey for September 2025, the confidence index stood at 31.5 points, reflecting growing optimism about the economy a sentiment projected to climb further to 51.8 points over the next six months.
The report showed that respondents ranked high bank charges (70.8%), multiple taxes (70.8%), and poor infrastructure (70.7%) as the top three business constraints during the month under review. Other challenges identified included insufficient power supply (37.8%) and competition (40.4%), suggesting that financial pressures outweighed political or market-driven factors.
Meanwhile, the CBN Household Expectations Survey for the same period indicated that consumer confidence, though still negative, improved slightly. The consumer sentiment index rose to -6.4 points in September from -7.2 in August, showing reduced pessimism among households.
The report noted that while Nigerians continue to feel the impact of rising prices, respondents expect inflationary pressures to persist over the next few months.
The Economic Condition Index also improved from -4.3 to -2.9, while the Family Financial Situation Index moved from -17.0 to -16.5, reflecting mild optimism about household finances.
Notably, for the first time since April 2025, the Family Income Sentiment Index turned positive at 0.1 points, suggesting that some households anticipate better earnings in the near term.
The Inflation Expectation Survey further revealed that inflation perceptions were higher in rural areas, with 73.9% of rural respondents saying prices had increased significantly, compared to 72.4% among urban dwellers.
