CBN Survey Shows Nigerians Favor Food Spending Over Investments

The Central Bank of Nigeria (CBN) released its September 2026 Household Expectations Survey, revealing that Nigerian households are prioritizing food expenditures amid rising prices and weak financial conditions. The survey indicated that food was the dominant expenditure category with an index of 56.1 points, followed by transportation (28.3 points), household goods (27.6 points), education (17.1 points), and electricity and water (9.3 points).

Over the next three to six months, food, transport, household goods, and education are expected to remain the main spending areas. Conversely, households displayed a lack of interest in high-value purchases, with investment sentiment at negative 50.7 points and house purchases at negative 68.2 points.

The Overall Consumer Sentiments Index fell to negative 18.7 points in September, indicating a decline in consumer confidence. The CBN noted that households remain cautious due to ongoing concerns about prices and interest rates, although a gradual improvement in confidence is anticipated over the next six months.