Economy
Nigeria’s Consumer Confidence Level Gains 3 Points in Q4 2016—Report
By Modupe Gbadeyanka
A new report released by Nielsen Holdings Plc, a a global performance management firm providing a comprehensive understanding of what consumers watch and buy, has revealed that Nigeria climbed three points to 116 in the fourth quarter of 2016, after a steep decline in the third quarter.
In the latest Consumer Confidence Index (CCI) figures for Quarter 4 of 2016, it was observed that sentiment in the west of Africa is on the increase with Ghana rising by two points to 111.
Managing Director of Nielsen East and West Africa, Mr Abhik Gupta, while explaining the reasons for Nigeria’s improved consumer sentiment in a statement made available to Business Post, stated that, “Despite previous drops in consumer confidence, Nigerians are now more positive than Kenyans, South Africans and Ghanaians, in terms of their job prospects and personal finances and as the country’s macro, business and retail prospects recover we expect to see continued positivity amongst Nigerian consumers.”
Adding to this positive outlook, the latest Nielsen Africa Prospects Indicator (APi), which integrates macro-economic, business, retail and consumer factors points to the fact that predictions are that the worst is over and it will not take much to drive the Nigerian economy into positive growth levels in 2017.
Short term positivity in Nigeria
In light of this, all confidence indicators in Nigeria increased in the fourth quarter. The percentage of respondents who predict that their personal finances will be good or excellent in the next 12 months jumped five percentage points to 80 percent, and 59 percent of Nigerian respondents said job prospects will be good or excellent, up one percentage point from the third quarter.
Immediate-spending intentions increased four percentage points, rising to 39 percent while more than four in 10 Nigerian respondents (44 percent) said they had spare cash, up from 36 percent in the third quarter.
In terms of what they would use this spare cash for, the highest number of Nigerians are seeking to batten down the hatches on their current financial future, with 80 percent saying they would put it into savings.
The second highest number (69 percent) wants to use their spare cash on home improvements and decorating and 62% on investing in shares and mutual funds. Unsurprisingly, 60 percent would spend it on out-of-home entertainment as they seek some respite from their current daily stresses and strains.
Mixed positivity in Ghana’s results
The overall increase in Ghana’s CCI, was due to a higher proportion of “Excellent” responses even though “Good” responses have declined.
This means that despite the positive outlook for jobs dropping two percentage points from Q3 to an overall 55 percent, this was made up of 12 percent saying “Excellent” (up from 10 percent previous quarter) and 43 percent saying “Good”.
This was followed by positive personal-finance sentiment decreasing by one point to 76 percent, of which 23 percent said “Excellent” (up by 4 points) and 52 percent said “Good”.
Immediate-spending intentions dropped by two percentage points to 40 percent of which 10 percent said “Excellent” (up by 4 points) and 30 percent said “Good”.
Less than half of Ghanaian respondents said they had spare cash (47%) – a drop of 3 percentage points from the third quarter, however this proportion of consumers is higher than Nigerians (44 percent) and Kenyans (42 percent).
In terms of what they would use this spare cash for, Ghanaians remain financially conservative in their outlook, with the highest number (82 percent) saying they would put it into savings, the second highest number of respondents 72 percent see home improvements as a worthwhile investment while (59 percent) saying they would invest in shares/mutual funds.
Overall Gupta comments; “In the backdrop of improved confidence levels, businesses need to adjust to the altered daily habits that consumers are displaying to deal with the tough market conditions. As consumers have been forced to reduce consumption, only buying on an immediate need basis, businesses need to meet these new consumers realities with agility, flexible product offerings, packaging and pricing.”
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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