Economy
73% of Nigerians Would Put Spare Cash into Savings—Report
By Dipo Olowookere
A new report released by Nielsen Africa, which measures Consumer Confidence Index (CCI) in some countries on the continent, said things were not to rosy for Nigeria in the second quarter of 2019 because the country’s index slightly increased by one point to 127 unlike its West African neighbor, Ghana, which gained 10 points to settle at 118.
The 127 points reached by Nigeria, according to a summary of the report made available to Business Post, remains the highest confidence level for the country since the first quarter of 2016.
“Following a turbulent period in its history, Nigeria’s economic recovery is gaining momentum with GDP expected to grow slightly to 2.5 percent year on year, off the back of moderate improvements in net exports and domestic demand. Nigerians are optimistic about their future and this is reflected in the confidence scores,” Nielsen MD for Nigeria, Mr Ged Nooy, commented.
Looking at the consumer picture, Nigerians immediate-spending intentions have shown a healthy increase; with 54 percent of consumers versus 46 percent in the previous quarter saying now is a good or excellent time to purchase what they want or need.
However, their perception around job prospects have slightly declined, with 60 percent viewing them as excellent or good, a nine-point drop from the previous quarter.
It was stated that sentiment around the state of personal finances has shown a slight improvement with 82 percent Nigerians agreeing their state of personal finances will be excellent or good over the next year, a one-point increase from the previous quarter.
Looking at whether Nigerians have spare cash to spend, 51 percent said yes, versus 55 percent in the previous quarter.
In terms of their spending priorities, once they meet their essential living expenses, 76 percent would invest in home improvements/ decorating, 73 percent would put their spare cash into savings and 66 percent say they will invest in shares/mutual funds.
Surprisingly, in light of their propensity towards savings and investment, the lowest number 39 percent said they would put their spare cash into retirement funds.
Looking at the top concerns for Nigerians over the next six months, work/life balance tops the list with 27 percent (a six-point increase compared to the previous quarter) and has displaced political stability as the number one concern for Nigerians.
This is followed by increasing food prices at 22 percent (a one-point increase compared to Q1’19) and the economy at 20 percent (a four-point increase compared to the previous quarter)
Elaborating on these results, Mr Nooy said, “Nigerian consumers are positive and open to spending, however, the country’s retail environment continues to feel the effects of steep inflation. Manufacturers and retailers will therefore need to tackle this challenge head on, to harness the true value of Nigeria’s powerful consumer base.”
On the part of Ghana, its CCI for the second quarter of 2019 showed an extremely healthy increase of 10 points to 118.
Looking at Ghana’s overall performance, Nielsen Market Lead for West Africa, Yannick Nkembe said, “Ghana is currently the poster child for African economic growth and positive consumer sentiment. The International Monetary Fund estimates its GDP will rise 8.8 percent this year – double the pace of emerging economies as a whole, and well ahead of world growth.
“This is a result of factors such as expanding crude oil production, a stable democracy and the introduction of a more favourable taxation structure. Ghana’s manufacturing industry has also been boosted by policies aimed at diversifying the economy and preventing an over-reliance on the commodity markets.”
This overall positive outlook is reflected by Ghanaian consumers’ greatly improved view of their job prospects, with a 10-point increase to 63 percent, saying they will be excellent or good in the next six months.
In terms of the state of their personal finances over the next 12 months, 74 percent say excellent or good up from 70 percent and the number of Ghanaian consumers who feel now is a good or excellent time to purchase has also seen a large increase quarter on quarter, from 34 percent to 46 percent.
Looking at whether Ghanaians have spare cash, 52 percent say yes, up nine points from the previous quarter. Once they meet their essential living expenses, the highest number of consumers (82 percent) put their spare cash into savings, followed by 72 percent on home improvements/decorating and 67 percent who invest in stocks and mutual funds.
When looking at the real life factors that are having a negative impact on Ghanaians outlook, the top concerns over the next six months include work/life balance at 24 percent; the same figure as the last quarter, rising food prices at 22 percent (dropped by three points compared to Q1’19) and tolerance towards different religions, also at 22 percent (increased by one percent since the previous quarter), and children’s education and welfare at 18 percent which has seen a 2-point increase.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn