CBN Survey: High Living Costs Push Nigerians to Delay Home, Car and Appliance Purchases

Nigerian households are postponing purchases of cars, homes and appliances as food, transport, utility costs and high borrowing rates continue to strain disposable income. The latest Central Bank of Nigeria Household Expectations Survey found that buying conditions remained unfavourable for major purchases. The index stood at 28.7 points for vehicles, 28.9 for consumer durables and 30.0 for buildings and landed property, all below the 50-point threshold. Willingness to buy was weaker still, at 18.7 points for vehicles, 19.2 for property and 24.4 for household durables. Households also reported negative outlooks for home purchases, vehicles, appliances, investment and rent. Although headline inflation eased slightly to 15.91% in June 2026, many respondents remain worried about prices and lending rates. Food remains the largest household spending priority, leaving little room for discretionary purchases or long-term investments.

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