CBN survey shows Nigerians still expect prices to rise despite slight economic optimism

Femi Fabunmi 

Businesses and households in Nigeria have listed high interest rates, multiple taxes, and poor infrastructure as the biggest challenges they faced in September 2025, according to a new report by the Central Bank of Nigeria (CBN).

In its Business Expectations Survey, the CBN said that the Confidence Index stood at 31.5 points in September, showing that many business owners are optimistic about the economy. This confidence is expected to grow in the next six months, possibly reaching 51.8 points.

According to the report, business owners ranked the top challenges as:
High bank charges – 70.8%
Multiple taxes – 70.8%
Poor infrastructure – 70.7%
At the lower end of the list were insufficient power supply (37.8%) and competition (40.4%).

This suggests that businesses were more worried about financial challenges than political issues during the period.

Meanwhile, households said they expect prices to keep rising in the coming months.

The Households Expectations Survey Report showed that the consumer sentiment index improved slightly to -6.4 points in September, up from -7.2 points in August. This means people are still pessimistic, but a bit less so than before.
The CBN added that:

The Economic Condition Index improved from -4.3 in August to -2.9 in September.
The Family Financial Situation Index rose slightly from -17.0 to -16.5, showing less pessimism about personal finances.

The Family Income Sentiment Index reached 0.1 points, showing optimism for the first time since April 2025.

In a related report, the CBN noted that rural residents are feeling the effects of inflation more strongly than urban residents. About 73.9% of people in rural areas said prices were high, compared to 72.4% of those in cities.