The consumers’ overall confidence index rose by 8.7 points to 9.7 in the fourth quarter of 2018 compared to 1.0 points in the corresponding period of 2017.
The Central Bank of Nigeria (CBN) on Friday, released Consumer Expectations Survey (CES) for Q4 2018, which was conducted during the period November 24 – December 7, 2018, covering a sample size of 1,770 households drawn from 207 Enumeration Areas (EAs) across the country, with a response rate of 99.2 percent.
The report shows that the consumers’ overall confidence outlook improved in Q4 2018, as more consumers were optimistic in their outlook.
Respondents attributed this favourable outlook to improved family income, family financial situation and economic condition. The consumer outlooks for the next quarter and next 12 months were positive at 33.2 and 28.4 points, respectively.
The outlook could be attributed to the expected increase in net household income, the anticipated improvement in Nigeria’s economic conditions and expectations to save a bit and/or have plenty over savings in the next 12 months.
