65.5% of Nigerians Want Lower Lending Rates – CBN Survey
A new Household Expectations Survey by the Central Bank of Nigeria (CBN) has revealed that 65.5% of Nigerians believe reducing lending rates would benefit the economy. The February 2025 survey highlights public sentiment on key economic issues, including inflation, interest rates, and economic confidence.
According to the findings, only 10.4% of respondents support an increase in interest rates, while 12.5% prefer them to remain unchanged. Another 11.6% are uncertain about the direction of interest rates. The majority believe lower borrowing costs would improve household finances, business growth, and overall economic stability.
The survey also explores inflation concerns, with 68.1% stating that rising prices weaken the economy. Only 5.5% think inflation strengthens the economy, while 18.3% believe it makes no difference, and 8.1% are unsure.
When asked whether the government should raise interest rates to control inflation or keep rates low and allow inflation to rise, opinions were split. About 44.1% preferred lower rates despite inflation risks, while 42.1% supported higher rates to curb inflation.
Consumer confidence showed improvement, rising from -10.8 index points in January to -5.8 in February, indicating reduced pessimism. Projections suggest positive sentiment by May 2025 at 4.0 index points, increasing to 12.3 points by August, signaling growing optimism about economic recovery.
The CBN’s survey offers a snapshot of Nigerians’ economic expectations, highlighting concerns over lending rates, inflation, and future growth.
