Economy

73% of Nigerians Would Put Spare Cash into Savings—Report

Published

7 years ago

30/08/2019

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.

Economy

FrieslandCampina Wamco, Three Others Raise NASD OTC Exchange by 1.41%

Published

1 day ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.

During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.

Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.

As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.

During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.

Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

Economy

Profit-taking Sinks Nigeria’s Equity Market by 0.76% as Bears Take Control

Published

1 day ago

16/05/2026

Dipo Olowookere

By Dipo Olowookere

The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.

The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.

The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.

Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.

Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.

The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.

Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.

Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.

Economy

Naira Weakens to N1,371/$1 at Official Market

Published

1 day ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.

However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.

At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.

The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the ‌market settling ⁠into a balance.

Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.

According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.

Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.

Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.

Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.