Rising living costs are forcing Nigerian households to prioritise basic needs over major financial commitments, with new CBN data showing a sharp deterioration in consumer sentiment in September 2026.
The Central Bank of Nigeria’s latest Household Expectations Survey showed that overall consumer sentiment fell to -18.7 index points in September from -9.9 points in August, signalling increased pessimism about economic and household financial conditions.
Households expressed particularly weak intentions towards major purchases, with house purchases recording a sentiment index of -68.2 points, followed by cars and other motor vehicles at -67.3 points.
Investment sentiment stood at -50.7 points, while household appliances and other consumer durables recorded -49.5 points. Rent also remained negative at -32.0 points.
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The CBN said buying conditions for major purchases remained below the 50-point threshold across the survey horizons, indicating that households were reluctant to commit substantial portions of their income to high-value purchases.
Actual purchase intentions were similarly weak. Sentiment indices stood at 19.4 points for consumer durables, 15.7 points for motor vehicles and 14.8 points for buildings and landed properties.
The deterioration was also evident in households’ assessment of their broader financial circumstances. The economic conditions index stood at -21.5 points, while the family financial situation index was -23.9 points. Family income sentiment was also negative at -10.5 points.
At the same time, households reported a stronger perception of rising prices. The consumer sentiment index for average prices of selected items increased to 33.5 points in September from 23.0 points in August.
With household resources under pressure, food remained the dominant expenditure priority, followed by transportation, other household goods, education, electricity and water.
The CBN survey nevertheless pointed to a potentially better medium-term outlook. Consumer sentiment remained negative over the next month and three months, at -8.7 and -0.4 points respectively, but turned positive at 7.1 points over the six-month horizon.
The findings come against a broader backdrop of persistent inflation concerns, with a separate CBN survey showing that the proportion of Nigerian households perceiving inflation as high rose to 77.2% in September from 67.2% in August.
Taken together, the surveys indicate that high prices are reshaping household behaviour, with Nigerians increasingly concentrating spending on essentials while postponing investments, home purchases, vehicles and other major commitments.
Nairametric
