A recent Household Expectations Survey by the Central Bank of Nigeria (CBN) has revealed that 65.5% of Nigerian households believe reducing lending rates would be the most beneficial move for the country’s economy. The survey, conducted in February 2025, provides insight into the public’s perceptions of crucial economic indicators, including inflation, interest rates, exchange rates, and economic confidence over the next six months.
The findings show that only 10.4% of respondents support an increase in interest rates, while 12.5% favor keeping rates unchanged. Another 11.6% of those surveyed expressed uncertainty about the direction of interest rates, suggesting that public opinion is largely in favor of a reduction.
The data further highlights that many Nigerians believe lower borrowing costs would help improve household finances, stimulate business growth, and promote overall economic stability. Additionally, the survey examined the impact of inflation on public sentiment, with 68.1% of respondents stating that rapid price increases would weaken the economy. Only 5.5% thought inflation would strengthen the economy, while 18.3% felt it would have no impact, and 8.1% were unsure.
These results reflect a clear desire for more affordable lending conditions, as many Nigerians see this as a critical factor for economic recovery and growth.
