Economy
72% of Nigerians Will Invest in Stocks, Mutual Funds After Essential Living Expenses—Survey
By Modupe Gbadeyanka
Against the backdrop of the unprecedented COVID-19 pandemic, West African consumer sentiment has experienced a lift of 8 points in the Nielsen Consumer Confidence Index (CCI) for Quarter 3, 2020 with Nigeria CCI increasing to 116 from; up from the previous quarter’s 108 points.
According to the report, once they meet their essential living expenses, the highest number of consumers (75 per cent) said they will put their spare cash into savings, a drop from 81 per cent from last quarter, followed by 72 per cent who choose to invest in stocks and mutual funds.
One of the most significant increases in discretionary spending is the purchase of tech up from 51 per cent to 57 per cent – a clear indicator of consumers’ mindset shift away from non-essential services and their desire to make necessary work/life changes under the pandemic protocols.
“The latest consumer sentiments reflect the country’s continued cautionary concerns albeit with some practical fine-tuning.
“As the global pandemic continues to affect world economies and put pressure on consumers’ pockets, Nigerians consumers are making lifestyle adjustments and taking actions to protect their long-term economic future,” Nielsen West Africa Retail Intelligence Lead, Ged Nooy commented.
Equitable optimism by Nigerian consumers also sees improved confidence around the opportunity of job prospects, with 55 per cent of consumers saying they will be good or excellent in the next 12 months – a 12-point increase from the previous quarter.
In terms of the state of their personal finances over the next 12 months, 67 per cent say they are excellent or good, showing a substantial 8-point increase from the previous quarter.
Nigerian propensity to purchase has seen a continued decrease quarter on quarter, with the number of those who think now is a good or excellent time to purchase what they want or need rise just 1 per cent from 32 per cent to 33 per cent in the third quarter.
Sluggish Recovery
To reduce expenses, 50 per cent of consumers said they spent less on new clothes, 54 per cent spent less on out of home entertainment, with the same figure deferring on the replacement of major household items. As much as 33 per cent of Nigerian consumers said they had spare cash, up 1 per cent from last quarter.
When looking at the practical factors that are affecting their outlook, the top consumer concerns over the next 12 months are increasing food prices at 34 per cent, followed by life/work balance at 20 per cent and the economy at 17 per cent.
“Nigerian economic recovery is of concern to consumers and may be more gradual than expected due to a drop in oil prices and restricted trade opportunities. The country has opportunities to transform its economy, however, particularly in agro-processing beyond the pandemic,” Nooy further said.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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