Economy

Nigeria’s Consumer Confidence Index Drops One Point

Published

7 years ago

20/02/2019

A new report by Nielsen Africa has showed that Nigeria’s latest Consumer Confidence Index (CCI) for the fourth quarter of 2018 marginally dropped one point to 117, while Ghana lost five points to fall 108, presenting a diverse picture of consumer sentiment across West Africa.

In terms of Nigeria’s performance, Nielsen Nigeria MD, Mr Ged Nooy, stated that, “In Q4’18, the consumer outlook in Nigeria dipped marginally versus the previous quarter.

“Continued inflationary pressures and uncertainties around the elections could have impacted consumer sentiment, leading to a one point drop in the consumer confidence index.

“However, despite the drop, consumers showed increased propensity towards stocking up on the necessities as a result of year end festivities.”

When it comes to job prospects, 62 percent Nigerians view their prospects as excellent or good (a 6 point increase from the previous quarter) and 31 percent view them as not so good or bad.

In terms of the state of their personal finances over the next 12 months, the same amount as the previous quarter (79 percent) say excellent or good.

In addition, the number of Nigerian consumers who feel now is a good or excellent time to purchase what they need or want has increased three points to 46 percent.

Looking at whether Nigerians have spare cash, exactly half (50 percent) say yes, down five points from the previous quarter. In terms of what their spending priorities are once they meet their essential living expenses, the highest number of consumers (73 percent) would put their spare cash into savings, followed by 71 percent on home improvements and 68 percent who would invest in stocks and mutual funds.

While Nigeria showed a slight decline in confidence; Ghana’s CCI figure dropped a substantial five points to 108.

Commenting on the reasons for this Nielsen Market Lead for West Africa Emerging Markets Yannick Nkembe said, “The continued depreciation of the Cedi, the collapse of certain banks leading to job losses, and the high cost of credit and an inability to access credit have led to a drop in consumer sentiment in Ghana”.

This decline in sentiment is clearly reflected in Ghanaian consumers’ immediate-spending intentions. Only 40% Ghanaians say now is a good or excellent time to purchase what they want or need, a substantial eight point drop compared to the previous quarter.

Negative sentiment is also reflected in Ghanaian’s job prospects. Only 58 percent Ghanaians view their job prospects as excellent or good, experiencing a six point drop compared to the previous quarter.

Sentiment around the state of personal finances has also taken a slight hit with Ghanaians who think the state of their personal finances would be excellent or good over the next year having dropped nine points from the previous quarter to 67 percent. This in comparison to 31 percent who think that the state of their personal finances is not so good or bad, which represents a substantial 13 percent increase in this negative sentiment.

Looking at whether Ghanaians have spare cash to spend, 42 percent said yes, versus 53 percent in the previous quarter.

In terms of their spending priorities once they meet their essential living expenses, the highest number of consumers (77 percent) would put their spare cash into savings and the same number will spend on home improvements, while 70 percent said they would invest in shares/mutual funds.

Elaborating on these results, Nkembe noted that, “Consumer confidence in West Africa declined in the last quarter of 2018. However, it still falls on the positive side of the spectrum and we hope to see a rebound in confidence levels in 2019.”

Economy

NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points

Published

3 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.

The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.

Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.

During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

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

Economy

Naira Weakens to N1,353/$ at Official Market

Published

3 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.

It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.

But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.

FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.

Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.

Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.

As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.

Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.

The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.

Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.

However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

NB Plc’s Strong Recovery, Improved Profitability Excite Shareholders

Published

6 hours ago

24/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.

Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.

At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.

“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.

Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.

“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.

Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.

She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.

“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.

Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.

“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.

She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.