Economy
Naira Stability Buoys Nigeria’s Consumer Confidence Index in Q2—Report
By Dipo Olowookere
A new report released by South Africa-based Nielsen Africa has revealed Nigeria’s Consumer Confidence Index (CCI) for the second quarter of 2018 recorded a very healthy increase of nine points to 122, while Ghana’s CCI for the same quarter dropped 12 points to 108.
In an emailed statement to Business Post, Nielsen Africa noted that in terms of Nigeria’s performance, its Sub Saharan Africa chief, Mr Bryan Sun, submitted that, “The stability of forex rates and a steady Naira has led to stable retail prices of most manufactured goods and imported staples, resulting in a recovery in confidence levels in Nigeria. The improvements seen in the economic environment are reflected in the overall enhanced sentiment, with 83% of Nigerians describing the state of their personal finances over the next year as excellent or good.”
He stated further that this has resulted in a more positive outlook in terms of Nigerian consumers immediate-spending intentions, which has risen to 48% (up from 38% in Q1) who say now is a good or excellent time to purchase what they need or want.
This increasingly positive sentiment is also reflected in their job prospects, with 67% viewing them as excellent or good (up from 56% in Q1’18) and 29% as not so good or bad.
More cash, more spend
Looking at whether Nigerians have spare cash, a majority of 54% said yes, up nine points from the previous quarter, while 46% said no. Looking at what their spending priorities are once they do have spare cash, the highest number 86% would put it in savings followed by 82% on home improvements, 72% on new clothes and 67% would use their spare cash for both out of home entertainment and investing in shares and mutual funds.
When asked about the changes in their spending to save on household expenses, compared to this time last year, 80% of Nigerians agreed that they have changed their spending habits.
In terms of the actions they took to save money last year, the highest number (66%) said they spent less on at home entertainment, followed by 57% who took less holidays, 42% who spent less on new clothes and 39% who delayed the replacement of major household items.
Some of the major concerns driving this more cautionary mindset include 19% who think economy is their biggest concern over the next six months, whereas 12% consider food prices and 11% said work/ life balance is their biggest concern. When asked what their second biggest concern would be over the next six months, 19% said food prices, 13% said work/life balance and 12% mentioned job security.
Growing uncertainty in Ghana
From a stable confidence level in Q1’18, Ghana dropped 12 points this quarter to 108, the lowest since quarter 3, 2016.
Mr Sun comments; “Though consumer confidence in Ghana has declined in Q2’18, it still leans on the positive side, 100 being the neutral point on the index. The declining economic growth in Ghana, subdued performance in the non-oil and industrial sector, and poor agricultural performance has led to declining confidence levels this quarter.”
He adds that this uncertain sentiment is reflected by the six point drop in Ghanaians, down to 79%, who describe the state of their personal finances over the next year as excellent or good, and 17% (increase of 10% from Q1’18) who say that state of their personal finances is “not so good” or “bad”.
“It’s therefore no surprise that Ghanaian consumers’ immediate-spending intentions have declined, with only 35% of respondents (down from 48% in Q1’18) who say now is a good or excellent time to purchase what they need or want, versus the 61% who said it was not,” reports Mr Sun.
This declining sentiment is also reflected in Ghanaians’ job prospects, which has dropped 11 points to 54% who view them as excellent or good and a 10 point rise to 39% who think their job prospects are not so good or bad compared to the previous quarter.
Disposable income
Looking at whether Ghanaians have spare cash to spend, there was an even 50/50 split between those respondents who said yes and no. Looking at what their spending priorities are once they do have spare cash, the highest number 78% would spend it on home improvements, 77% would put it into savings and 61% would spend on new clothes.
When asked about the changes in their spending to save on household expenses, compared to this time last year, 61% of Ghanaians agreed that they have changed their spending habits. In terms of the actions they took to save money last year, the highest number (49%) said they spent less on at home entertainment, followed by 48% who took less holidays, 32% who delayed the replacement of major household items and 31% who spent less of new clothes.
The factors driving this more cautionary mindset are embodied in Ghanaians biggest and second biggest concerns over the next six months. The highest number of respondents (14%) said health is their biggest concern, followed by work/life balance (13%), and food prices and the economy (both at 12%).
When asked about their second biggest concern over the next six months, 16% of respondents said work/life balance, 12% said their kids’ education/welfare, and food prices and higher fuel prices both recorded 11%.
Elaborating on these results, Sun says: “Despite the decline in confidence levels, Ghana’s outlook is still positive. A strong domestic demand and favourable performance on oil, cocoa, and gold, coupled with ongoing investment in the country, gives hope for a brighter second half in 2018 for the country, resulting in a revival of consumer sentiments and spend”.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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