A significant majority of Nigerians, as indicated by a recent survey, are calling for reduced lending rates ahead of the Monetary Policy Committee's forthcoming meeting.
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria prepares for its upcoming meeting on February 23 and 24, 2026, new survey data reveals that 65% of Nigerians are advocating for lower lending rates. This sentiment comes amidst concerns regarding inflation, which continues to impact the economic landscape. The findings are part of the Central Bank's January 2026 Household Expectations Survey, which was released prior to the MPC's 304th meeting.
The survey illustrates a significant preference among the Nigerian populace for a reduction in lending rates, with only 12.2% supporting an increase and 15.1% wishing to maintain the current rates. The MPC had previously held the Monetary Policy Rate at 27.00% during its November 2025 meeting, following a slight reduction of 50 basis points in September. The stark majority favoring lower rates suggests a growing desire for looser monetary conditions, despite anxiety about inflationary trends.
This overwhelming call for decreased interest rates indicates that many Nigerians are feeling the pressure of high borrowing costs, which could be stifling economic activity and consumer spending. The MPC's response to these public sentiments will be pivotal, as it navigates the complex balance between managing inflation and supporting growth. Such a decision could have significant implications for the wider economy, particularly in terms of investment and consumer confidence moving forward.
