A recent survey by the Central Bank of Nigeria (CBN) indicates that Nigerian households will likely allocate a significant portion of their earnings to food over the next six months due to the rising inflation rate.
The latest National Bureau of Statistics (NBS) report cites an inflation rate of 33.40 percent, with food inflation exceeding 40 percent.
Conducted from July 22 to 26, 2024, the CBN survey achieved a response rate of 99.7 percent, sampling 1,665 households from across the 36 states and the Federal Capital Territory.
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According to the Household Expectation Survey published on the CBN’s website, many Nigerians plan to reduce spending on non-essential items in the coming months.
However, they anticipate spending 54.9 percent of their income on food in the next six months.
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“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 poll shows.
Conversely, respondents do not intend to allocate significant portions of their income towards major purchases such as homes, cars, or household appliances.
Additionally, there is little interest in investing in real estate or other investment opportunities, and many Nigerians are also not planning to save their incomes.
“This reflects their family financial situation in the current month and reaffirms their stance that they will be drawing down on their savings or getting into debt,” the apex bank survey shows.
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