National Telescope national telescope newspaper
A recent survey by the Central Bank of Nigeria (CBN) has revealed that Nigerian consumers are preparing to allocate a significant portion of their income to essential needs over the next six months.
The July 2024 Household Expectations Survey highlights that many Nigerians plan to prioritise spending on food, education, and transportation.
The report states: “Spending outlook for the next six months showed that consumers plan to spend a substantial amount of their income on the following items: Food and other Household Items (54.9 points), Education (35.4 points), Transportation (30.2 points), Electricity (20.0 points), and Medical Expenses (12.2 points).”
The survey further indicates that Nigerians do not expect to spend much on big-ticket items such as housing, vehicles, and appliances during this period.
Also, the report shows low indices for investments and savings, reflecting a cautious approach to financial planning in the months ahead.
Moreover, the CBN survey notes a growing anticipation of increased household spending in the current month.
The spending outlook index rose to 50.2 points, up from 48.7 points in the previous month, indicating that households are likely to spend more in the immediate future.
Funmi Ojo
