A new survey by the Central Bank of Nigeria has revealed that a significant number of Nigerians perceive borrowing costs as too high, reflecting growing pressure on households despite improving economic sentiment.
According to the February 2026 Consumer Expectation Survey, 42.7 percent of respondents said interest rates on bank loans have remained high over the past three months. The report also showed that 63 percent of respondents prefer lower interest rates, highlighting widespread concern over the cost of credit.
While the survey indicates continued optimism about the broader economy, many Nigerians remain pessimistic about their personal financial situation. The overall consumer sentiment index stood at 0.8 points in February, marking the fourth consecutive month of positive outlook, although it declined from 2.8 points recorded in January.
The economic condition index rose to 7.2 points, suggesting confidence in macroeconomic ility. However, the family financial situation index dropped to minus 9.1 points, reflecting growing strain on household finances.
The report also revealed that consumers perceive prices as generally high. The consumer sentiment index on price ces fell sharply to minus 9.9 points, while the index for average prices of selected goods increased to 23.7 points, indicating persistent inflationary pressure.
Although there are signs that food and household item prices may be ilizing, many respondents expect costs to rise again in the coming months. This expectation is reflected in a forward looking index of 36.8 points.
The findings underscore the challenge facing policymakers in balancing economic growth with affordability as high interest rates continue to impact consumer welfare across Nigeria.
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