Overall consumer sentiment declined last month, indicating that consumers were pessimistic about the macro-economy, according to the Central Bank of Nigeria’s (CBN) Household Expectations Survey Report for June 2025.
The report also states that: “At -3.6 index points,” consumers were pessimistic about the economy in July, though the level of pessimism represented a moderation, when compared with the -13.2 index points recorded for the preceding month.
However, the report states that consumers are optimistic about the general economy in the second half of this year, adding that: “This optimism was driven by consumers’ positive expectations on economic condition and family income.”
A breakdown of the data shows that family income sentiment in June maintained the same pessimistic level reported in the previous month.
Similarly, the family financial situation index in June maintained a more pessimistic level than in May.
According to the report, however, the economic condition index further improved in June compared to May, indicating, “continued easing of pessimism in the broader economy.”
Meanwhile, the Business Expectations Survey Report for June 2025, also released by the apex bank on Friday, said that there is a broad-based optimism among respondent firms regarding the macroeconomic outlook for the second half of the year, adding that the sentiment is mostly driven by favourable expectations on the volume of business activity across the review periods.
However, the report said that: “Despite the prevailing optimism, firms identified significant operational challenges to include: high interest rates, insecurity and insufficient power supply, which could potentially moderate future growth.”
