Economy
KPMG Sees 9% Drop in Household Consumption Spending in Q1’23
By Adedapo Adesanya
The first quarter of the year came with many challenges for businesses and households in Nigeria, who had to deal with a heavy cash crunch while trying to navigate already existing headwinds in the macroeconomic environment.
According to its Macroeconomic Snapshot, a top consultancy firm, KPMG, the squeeze in the formal and informal sectors impacted nominal household consumption spending by 9 per cent between January and March 2023.
“We are estimating a year-on-year contraction in nominal household consumption expenditure by 9 per cent in Q1 2023 following these challenges,” it said.
It noted that this is as businesses faced substantial challenges on both the demand and supply sides.
“On the demand side, the combination of higher taxes on goods and services, hyperinflation which averaged 21.9 per cent in Q1 2023, monetary policy targeting demand to control inflation, and the cash shortages and disruptions in the electronic payment channels following the naira redesign policy constrained consumer demand,” it said.
“On the supply side, high cost of financing with the CBN interest rate hikes, higher energy costs, transport and distribution costs, and higher input costs especially given FX unavailability and instability, have also increased costs substantially year on year.
“Purchaser Manager Indices covering Q1 2023 had also shown persistent declining trends with some levels lower than what was obtained during the COVID-19 pandemic when the economy contracted and eventually entered a recession,” it added.
KPMG maintained its earlier estimate of a N10-15 trillion drop in nominal GDP and a Q1 real GDP growth of between 1.5 per cent – 2.0 per cent, given that there will be slower consumer demand and reduced earnings for businesses and, at the same time, rising costs of their operations.
This will, however, be largely dependent on if the oil sector can reverse its 11-quarter-long contraction, warning that further contraction from the oil sector may result in Q1 2023 real GDP growth of -0.23 per cent – 1.18 per cent.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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