According to a recent survey conducted by the Central Bank of Nigeria, there is a significant difference in how inflation is perceived between rural and urban residents. The survey sheds light on varying economic sentiments and expectations across different regions of Nigeria.
Central Bank of Nigeria Survey Findings
The April 2025 Inflation Expectations Survey conducted by the Central Bank of Nigeria from April 21-25 sampled 1,750 businesses and 1,650 households. It revealed that rural respondents are more optimistic about price stabilization compared to urban residents.
Inflation Perception: Rural vs Urban Residents
Rural households reported a perception that inflation, a persistent challenge in Nigeria, is beginning to moderate. In contrast, urban respondents, particularly from cities like Lagos and Abuja, continue to express concerns over rising costs of essential goods.
Impact on Business and Consumer Behavior
Interestingly, the business confidence index indicates that firms expect input and output prices to rise over the next six months. 44% of respondents anticipate higher costs due to energy and exchange rate issues.
The survey results depict a complex picture of inflation in Nigeria, highlighting the importance of understanding regional differences in its impact. The divergence in perceptions may influence economic policy in the country.
