Economy

Nigerian Consumers Expect Rise in Inflation, Naira—CBN Survey

Published

6 years ago

23/10/2019

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has released its Consumer Expectations Survey (CES) for the third quarter (Q3) of 2019. In the report analysed by Business Post, it was discovered that consumers have a positive outlook for the next 12 months.

The survey also showed that most respondents expect the Naira to appreciate within the period as well as a possible increase in the nation’s inflation rate. But they expect the borrowing rate to fall.

The survey, according to the apex bank, was conducted during the between September 16 – 27, and covered a sample size of 2,070 households drawn from 207 Enumeration Areas (EAs) across Nigeria, with a response rate of 98.3 percent.

It was discovered that consumers’ overall confidence outlook rose in the quarter under review, and this was attributed to more consumers showing optimism in their positive outlook rose to 22.8 and 31.5 points, respectively. The index rose to 3.8 points indicating 2.3 points increase from the index in the corresponding period of 2018.

Respondents also expect that prices of goods and services will rise in the next 12 months, with an index of 25.0 points driven by purchase of appliances/ consumer durables, savings, education, purchase of car/motor vehicle, purchase of house and transportation.

The unemployment index for the next 12 months also remained positive at 21.8 points in the reviewed quarter, this means that consumers generally expect the unemployment rate to rise in the next one year.

Looking at the country’s Borrowing and Exchange Rate Outlook which are put at -6.2 and 13.9 points respectively, it was shown that consumers hope the borrowing rate will reduce and were hopeful for the local currency to appreciate in the next one year.

When asked about the ideal time to buy big ticket items such as consumer durables, motor vehicles, houses among others, majority of respondents indicated that the current quarter was not ideal to purchase, as it stood at 30.3 points.

Also, looking at the next 12 months, Overall buying intention index was pegged at 36.2 index points, this also indicated that most consumers do not intend to buy big ticket items in the next one year.

An index above 50 means more respondents indicated that it is a good time to buy assets; below 50 means more respondents believe that it would not be an appropriate time to make those purchases; and 50 means the number of respondents on both sides is equal.

Looking at the sampled population, Respondents’ distribution by educational attainment showed that 7.3 percent had university education, 11.7 per cent had higher non-university education, while 27.8 per cent had senior secondary school education.

Respondents with junior secondary and primary school education accounted for 5.0 and 19.3 percent, respectively, while those with no formal education accounted for the balance of 28.9 percent.

Economy

Coronation Sees February 2026 Inflation Cooling to 14.12%

Published

3 hours ago

16/03/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Analysts at Coronation Research are projecting the inflation rate for February 2026 to moderate by 0.98 per cent to 14.12 per cent from the 15.10 per cent recorded in the preceding month.

The National Bureau of Statistics (NBS) is expected to release the inflation numbers today, Monday, March 16, 2026.

In a note released over the weekend, Coronation Research disclosed that the fall in the average prices of goods and services for last month would be impacted by a decline in the prices of food items.

“Our projection is supported by favourable base effects, easing food price pressures, and slight appreciation of the Naira,” a part of the report sighted by Business Post read.

The organisation revealed that the ongoing government interventions in the agricultural sector to improve food supply conditions are beginning to ease pressures within the food component of the consumer basket.

It further stated that “appreciation of the Naira to N1,363.40/1$ from N1,386.55/1$ in January is expected to reduce the cost of imported food items.”

However, it stressed that the ongoing US/Israel-Iran war was capable of reversing the deflationary trends because of the rising global energy prices.

“Also, the $200 million financing approved by the African Development Bank (AfDB) Group to scale up priority agricultural investments is expected to be disbursed in March, but its impact is likely to materialise in the medium to long term, with limited immediate effects on food supply and prices,” it said.

Coronation Research also disclosed that the recent energy market developments could keep core inflation sticky in the near term, as average Bonny Light crude oil prices rose to $72.33 per barrel in February 2026 from $68.04 per barrel in January.

Economy

SERAP Calls for Investigation into NNPC’s N5.9bn Rebranding

Published

4 hours ago

16/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged N5.9 billion rebranding cost of the old Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company (NNPC) Limited.

In a Sunday statement, SERAP urged Mr Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, alongside anti-corruption agencies, to look into the matter.

The group further urged the President to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.

“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).

“We also urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation stated.

SERAP further alleged that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.

The group argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.

“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”

SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.

“Any investigation into the rebranding project should determine whether the N5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” the statement concluded.

Business Post reports that NNPC became a limited liability company on July 1, 2022, under the Companies and Allied Matters Act (CAMA) in line with the implementation of the Petroleum Industry Act (PIA), which was signed into law on August 16, 2021, by late President Muhammadu Buhari.

Economy

NASD Market Falls 1.18% to Extend Losing Streak

Published

2 days ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.

The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.

When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.

Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.

Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.