Economy
Nigeria’s Consumer Confidence Index Drops 113 in Q1 2018

By Modupe Gbadeyanka
The latest Nielsen Consumer Confidence Index (CCI) for the first quarter of 2018 for West Africa has reflected a mixed bag of sentiment, associated with lingering uncertainty.
It’s no secret that Sub-Saharan Africa has been through a tumultuous few years with fluctuating commodity prices and resulting market uncertainty.
In the report, Ghana’s CCI stayed stable at 120, the same level as the previous quarter, while Nigeria’s level dropped nine points to 113.
Looking at current sentiment Nielsen West Africa & Maghreb MD Abhik Gupta explains; “There was an expectation that the situation would improve after Quarter 4, with fundamentals looking up i.e. more cash/forex injection by the Central Bank and higher oil prices, however, this improvement is still not evident in the market.
“Consumer purchasing power is lagging as the upturn in economy is not being felt at the consumer level. There has also been no change in inflation levels or employment conditions. So, while the worst may be over, and the economy seems to have bottomed out, the improvement is still not evident.”
A thirst for jobs
In terms of their employment prospects over the next 12-months, Ghanaians’ sentiment has deteriorated slightly by four points to 65% who see their job prospects as positive. Nigeria has experienced an even greater drop of nine points to 56%. This, however, has had only a small effect on Nigerians view of their personal finances with 78% (down from 84%) saying their personal finances will be good or excellent in the next 12-months. In contrast, and despite their declining job outlook, 86% (a 7% point increase) of Ghanaians are feeling positive about their personal finances in the next 12-months.
Ghanaians immediate spending intentions are therefore unsurprisingly holding steady with 48% saying now is the time to buy the things they need and want, whereas this figure has declined by five points to 38% of Nigerians feeling the same. Both countries have, however, seen a marked decline in the number of respondents saying they have spare cash, namely a nine percent drop in Ghana to 47% and the same level of decline in Nigeria to 45%.
Saving centric
Due to the cash strapped nature of their lives and looming uncertainty, 80% of Ghanaians remain committed to a savings regime, 67% aim to invest in shares and mutual funds and 68% are determined to preserve the value of one of their biggest assets their home. Nigerians hold a similar predisposition towards saving (84%) and home improvements (76%) but 68% rank buying new clothes as their preferred option for the use of spare cash.
Looking ahead Gupta comments; “While Nigeria is experiencing dampened sentiment, consumer sentiment in Ghana is on a high even though there has been no change in index levels since the previous quarter. Inflation is also down and is expected to further moderate this year, leading to increase in consumer demand and higher purchasing power.”
Economy
Renaissance Exceeds Crude Output Target by 40% Month After Shell Acquisition

By Adedapo Adesanya
Renaissance Africa Energy Company Limited has exceeded crude oil production targets by 40 per cent in its first month of operating the former Shell Petroleum Development Company (SPDC) Joint Venture assets.
In a statement lauding the development, the Nigerian National Petroleum Company (NNPC) Limited hailed the performance as “sterling and remarkable.”
The achievement in April 2025 is being viewed as a strong signal of renewed momentum in Nigeria’s upstream sector and a promising step toward boosting national oil output and economic growth.
“This is to commend Renaissance Africa Energy Company Limited, your esteemed leadership team and staff for exceeding the production target in your JV assets for April 2025,” said NNPC in an official letter signed by its Executive Vice President, Upstream, Mr Udobong Ntia.
The state oil company expressed hope that the April milestone would inspire Renaissance “towards accelerating the realisation of the initiatives for incremental production volumes while protecting the base.”
The company further pledged its support to the JV operator in “exploring collaborative opportunities, not only for production growth, but also for cost discipline given the current realities of our price environment.”
NNPC reiterated its target to ramp up oil production to over 2 million barrels per day by 2025 and sustain it through 2027, with projections to hit 3 million barrels per day by 2030.
Reacting to the commendation, Renaissance Managing Director and CEO, Mr Tony Attah, described the recognition as both “encouraging and motivating,” stating that the company remains committed to driving operational excellence.
“For us, it is a taste of the new beginning we have promised,” Mr Attah said.
He added that the Renaissance team was “already assessing additional high-impact initiatives and operational enablers capable of unlocking incremental production volumes while ensuring the integrity and protection of our existing base production.”
Mr Attah attributed the early success to strong collaboration with host communities, government stakeholders, JV partners, and the dedication of the workforce.
Economy
Court Dismisses Lafarge Africa’s Sale Objection Suit

By Adedapo Adesanya
The proposed sale of a majority stake of Lafarge Africa Plc to a Chinese firm, Huaxin Cement Limited, hit another snag as a Federal High Court sitting in Ikoyi, Lagos, dismissed a preliminary objection filed by the cement maker.
Justice Lewis Allagoa on Thursday ruled that the court has jurisdiction to hear the suit brought by Strategic Consultancy Limited, a Nigerian company and minority shareholder in Lafarge Africa.
Recall that the Nigerian Senate had also blocked the sale, citing issues around Chinese influence in March 2025.
Yesterday, the judge rejected Lafarge’s motion to strike out the case for lack of jurisdiction, marking a significant legal setback for the 66-year old cement giant.
“The 1st and 2nd defendants’ motion objecting to the Court’s jurisdiction is hereby dismissed,” Justice Allagoa stated in his ruling delivered on Thursday.
The suit, filed by Strategic Consultancy Limited, is challenging Lafarge’s planned sale of 83.81 per cent of its shares; currently held by Holcim Group to Huaxin Cement, a foreign company based in China.
The plaintiff alleges that the sale was conducted secretly and without the knowledge or involvement of minority shareholders.
According to court filings, Strategic Consultancy argued that the planned sale violates provisions of the Companies and Allied Matters Act (CAMA) 2020, the Securities and Exchange Commission Act, and the Nigerian Investment Promotion Act.
“The purported sale was done surreptitiously and without affording Strategic Consultancy Limited and other minority shareholders the opportunity to acquire the shares,” the plaintiff stated in its originating summons.
Represented by senior advocate Mr D.A. Awosika (SAN), Strategic Consultancy also contended that Huaxin Cement is not registered in Nigeria, thus making the transaction unlawful under Nigerian regulations.
Lafarge, represented by Mr Babatunde Fagbohunlu (SAN), and Holcim Group, represented by Mr Uzoma Azikiwe (SAN), had urged the court to dismiss the case on grounds that it lacked the jurisdiction to entertain it. However, Justice Allagoa disagreed.
In a related development, the judge also granted the plaintiff’s request to join Caricement BV (Netherlands) and Associated International Cements Ltd (England) as 5th and 6th defendants respectively, having been identified by the respondents as the actual shareholders involved in the transaction.
“It is hereby ordered that the persons sought to be joined herein and hereby joined as prayed, and leave to issue and serve the Originating Summons out of jurisdiction is hereby granted,” Justice Allagoa ruled.
The case has been adjourned to June 11, 2025, for further proceedings.
Economy
BUA’s Rabiu Promises Further Crashing of Food Prices

By Adedapo Adesanya
The Chairman of BUA Group, Mr Abdul Samad Rabiu, has pledged to further crash the prices of rice and other food items to alleviate high food costs in Nigeria.
Speaking to State House Correspondents after meeting with President Bola Tinubu on Thursday, Mr Rabiu said BUA Foods keyed into that policy and was able to import quite a lot of wheat, maize and rice.
The billionaire commended President Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country.
Recall that in July 2024, Mr Tinubu’s administration announced the suspension of customs duties on imported food items to stem food inflation.
“At the time food prices were really very high last year. For example, the price of rice was about N100,000 or thereabout per 50 kilo bag. The flour was about N80,000 per bag and maize was about N60,000 per 50 kilo bag, and pasta above N20,000 per Carton. So, what we did was, we keyed into that policy and BUA was able to import quite a lot of wheat, maize and rice.
“The moment the shipment started coming, we started processing, we crushed the prices of some of these commodities. And today I’m happy to inform you that the price of rice is about N60,000 from what it was last year at N110,000. Flour is today N55,000 Naira per 50 kilo bag.
“Maize is about N30,000. And this happened because of Mr President’s foresight and vision by introducing that one-off duty waiver for a period of six months, and with that, we’ve been able to bring down the prices of these commodities,” Mr Rabiu said.
He also said that the Rice Millers Association has come together to address the issue of hoarding by some companies, adding that the association will not allow any of its members to hoard rice.
“What we are doing as rice Millers is that we want to ensure that rice Millers are not buying and hoarding paddy, although at the end of the day, it’s quite difficult to stop that. But what is happening is that once they know that there is rice availability imported, because BUA has imported enough rice to last us until the end of the year…”
He also noted that BUA foods will continue to support the efforts of the government in ensuring that food prices are down.
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