Economy
Sub-Saharan Africa Yet to Return to Robust Growth Rates—Report
By Dipo Olowookere
Latest report from Nielsen Holdings Plc, a global performance management company providing a comprehensive understanding of what consumers Watch and Buy, has revealed that the Sub-Saharan Africa was yet to fully get back on its feet after going low in 2016.
Nielsen, in its 5th Nielsen Africa Prospects Indicator (APi) report, said the region was yet to uplift itself from the two-decade economic low reached last year, bringing a slight easing of pressure but certainly not a return to the robust growth rates previously experienced.
However, despite the turmoil and heavy constraints; it was emphasised that Africa’s ‘heavyweights’ namely Nigeria, Kenya and South Africa, cannot be ignored and remain a long-term priority for any business focused on Sub-Saharan Africa.
The latest report included a comparative ranking of eight African countries, drawn from multiple datasets, collected across the Macro Economic, Business, Consumer and Retail dimensions.
It was observed that manufacturers and retailers seeking to stay one step ahead in Africa’s complex markets needed to move beyond ‘business as usual’ – they simply cannot keep doing the same things and expecting a different result.
Commenting on the report, Nielsen Executive Director Thought Leadership Emerging Markets, Ailsa Wingfield, stated that, “No one size fits all and no total continent, country, city, consumer or channel approach is enough to ensure sustained success in Sub-Saharan Africa.
“Similarly, successful brands, advertising and activation in other developing markets do not provide the passport to growth in Africa’s complex markets and challenging climates.”
Challenging…but impossible to ignore
Considering this, it’s clear that the sub-continent’s two most significant economies, Nigeria and South Africa, are slowly turning around from recent declines to low levels of growth, however, the consolidated prospects for these two powerhouse economies continue to be subdued. Of the countries measured in Nielsen’s 5th Africa Prospects report, South Africa slips two positions to sixth place and Nigeria remains in eighth place.
South African consumers have expressed declining sentiment regarding their job prospects, personal finances and time to buy. With higher average GDP per capita – double that of Nigerians and Angolans and triple that of Kenyans – bigger in-store spend and an openness to new, innovative products, South Africa presents the strongest consumer prospects in SSA.
However, the reality is that a cautionary consumer mindset has led to more risk averse spending behaviour and a heightened focus on saving, especially in the areas of out of home eating, entertainment and fashion, followed by an acute awareness of price for consumer packaged goods. To counter this businesses have been drawn into more promotional activities, eroding brand equity and margins.
Kenya relinquishes top position due to fading macro-economic indicators and a declining business outlook amidst an unsettling election period. Economic growth slowed to 4.7% in the first quarter of 2017 brought about by drought and the credit slowdown. Rapidly rising inflation has driven food prices to five-year highs, which has plagued consumers and retail trading conditions. Consumers are less confident about their personal finances; their spare cash is limited, and their mindset remains cautionary with them opting to save rather than spend.
A continued missed opportunity
Cote d’Ivoire once again leads the APi overall ranking with strong macro-economic and retail prospects, but the country is dealing with deteriorating political stability and declining cocoa prices, which could lead to an economic deficit and pressure on household income, amplifying the already weaker consumer prospects.
Despite the country displaying strong indicators for growth, consumer prospects remain low. This is in part due to product fulfilment issues, with manufacturers failing to meet Ivorian consumers’ needs as they relate to a range of factors including: convenience, tradition, taste, ease of use, portability, scarcity and accessibility.
Cameroon comes into focus
Cameroon has risen to fourth position, is its highest rank to date. With a diversified natural resource base, rapid urbanisation and GDP per capita on par with Kenya, and higher than Uganda and Ethiopia, it is easy to understand its stronger consumer and retail prospects.
These are, however, offset by weaker macro-economic and business prospects. The economy is vulnerable to external impacts due to a reliance on commodities, and this, coupled with low investment in critical infrastructure, frequent power outages, and weak governance, has resulted in elevated costs of doing business. Cameroon has also been identified as one of the most challenging countries in the world to start a new business, limiting potential investors and preventing the economy from growing at its full potential.
Ghanaian Optimism
Ghana maintains fifth position on the APi, but this masks some of the ongoing improvement in the macro-economic, consumer and retail dynamics. It has also been rated as the best business prospect for successive periods. Economic advances in 2017, with growth rising to 6.6%, is spurred on by progress in the oil and non-oil sectors. Food inflation continues to decelerate easing the pressure on consumer wallets, resulting in an increasing number of Ghanaians spending more in store, more willing to try new things and positively influencing the previously weaker retail outlook.
Overall, the APi report shows that Africa continues to offer one of the greatest gifts of untapped growth, but requires bold strategies. Those invested or investing in Africa therefore need to reassess and implement in a more purposeful, precise and persistent manner in pursuit of consumer needs.
“Africa offers marketers one of the final destinations to develop and execute product, marketing and retail solutions from a clean slate perspective, which are differentiated, generate demand and deliver value yet there still seems to be a vacuum within these areas.
“On the plus side this points to significant potential for innovation and growth – what is required now is a steady investment by manufacturers and retailers into making these untapped opportunities work for them,” Wingfield further said.
With vast retail landscapes and widespread, diverse consumers it’s therefore all about precision over mass tactics in Africa coupled with exceptional product, marketing and retail innovation to capitalise on Africa’s prospects.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited reached an all-time high of 201,474.89 points on Monday after adding 3,067.59 points or 1.55 per cent to its previous closing figures of 198,407.30 points.
Buying pressure in three of the five key sectors sustained the upward trend on Customs Street during the trading session, analysis of the market data revealed.
The industrial goods sector appreciated by 4.52 per cent, the banking index improved by 2.20 per cent, and the consumer goods space rose by 0.03 per cent.
However, the insurance sector experienced profit-taking, which crashed it by 0.43 per cent, and the energy counter lost 0.08 per cent due to sell-offs.
When the bourse ended for the day, the market capitalisation chalked up N1.969 trillion to settle at N129.330 trillion compared with last Friday’s M127.361 trillion.
BUA Cement led the advancers’ group yesterday after growing by 10.00 per cent to N297.00, Premier Paints jumped 9.79 per cent to N21.30, John Holt expanded by 9.52 per cent to N10.35, Guinea Insurance soared by 9.38 per cent to N1.40, and Fortis Global Insurance grew by 9.32 per cent to N1.29.
On the flip side, VFD Group led the laggards’ gang after it gave up 10.00 per cent to close at N11.25, Royal Exchange shed 9.63 per cent to settle at N1.69, Omatek depreciated by 9.62 per cent to N2.35, Sovereign Trust Insurance lost 9.00 per cent to quote at N1.92, and Regency Alliance slipped by 8.94 per cent to N1.12.
Yesterday, a total of 948.2 million stocks valued at N49.2 billion were traded in 72,735 deals compared with 591.0 million stocks worth N35.0 billion transacted in 53,066 deals in the preceding session, representing an improvement in the trading volume, value, and number of deals by 60.44 per cent, 40.57 per cent, and 37.07 per cent apiece.
The activity log was led by Sovereign Trust Insurance, which traded 72.6 million equities valued at N147.1 million, Access Holdings sold 69.9 million shares for N1.8 billion, First Holdco exchanged 67.0 million stocks worth N3.4 billion, Zenith Bank transacted 60.0 million equities valued at N6.0 billion, and Nigerian Breweries exchanged 55.0 million shares worth N4.0 billion.
By Adedapo Adesanya
The oil market was down about 3 per cent on Monday after some vessels sailed through the critical Strait of Hormuz that has been largely shut down during the escalating war with Iran.
Iran has allowed some Indian vessels to sail through the Strait of Hormuz, sinking Brent futures by $2.93 or 2.8 per cent to $100.21 a barrel, as the US West Texas Intermediate (WTI) crude drowned $5.21 or 5.3 per cent to settle at $93.50 per barrel.
The country also asked India to release three tankers seized in February as part of talks seeking the safe passage of Indian‑flagged or India‑bound vessels through the strait.
This was confirmed by the US with Treasury Secretary, Mr Scott Bessent, saying the US is fine with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, adding that any action to mitigate higher prices would depend on how long the war lasts.
Meanwhile, allies rebuffed US President Donald Trump’s call for help in unblocking the strait. He said his administration has contacted roughly seven countries that rely heavily on Middle Eastern crude shipments and expects them to help secure the route.
The majority of crude moving through the strait ultimately heads to Asian markets, including China, India, Japan and South Korea.
According to the Associated Press, Chinese officials declined to directly address the request when asked during a daily briefing on Monday, instead reiterating their broader call for de-escalation in the region.
The Executive Director of the International Energy Information (EIA), Mr Fatih Birol, said on Monday that member countries could release more oil into the market from strategic stockpiles after they agreed to the largest-ever release of 400 million barrels last week.
The European Union (EU) foreign ministers are discussing on Monday the potential to move an already operational mission in the Middle East region to try to help unblock the Strait.
President Trump also threatened further strikes on Iran’s Kharg Island, which handles about 90 per cent of the country’s exports, after hitting military targets there that spurred further retaliation from Iran. On its part, Israel said it has detailed plans for at least three more weeks of war.
By Adedapo Adesanya
The federal government has launched the iDICE Startup Bridge, a structured two-track initiative that will offer idea-stage founders grants of up to N10 million and equity investment of $100,000 for startups that have already built and launched their Minimum Viable Product (MVP).
Launched in 2023 with $617.7 million in funding, iDICE was designed to promote investment in Nigeria’s digital and creative sectors. iDICE, implemented through the Bank of Industry and financed by the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, iDICE Startup Bridge, operates under the broader Investment in Digital and Creative Enterprises (iDICE) program. It is part of efforts to drive Nigeria’s digital economy growth.
It made its first startup investment in late 2025 through Ventures Platform, one of Africa’s most active seed-stage venture capital firms.
The iDICE Startup Bridge is the government’s latest effort under the initiative to deepen early-stage startup support through structured training, mentorship, and access to capital.
The Founders Lab, the first pathway under the Startup Bridge, opened for applications on March 16 and will close on April 20. Selected beneficiaries will embark on a 12-week capacity-building programme designed for idea-stage and early prototype founders. The programme focuses on validation, business model development, and MVP creation through a structured curriculum delivered by expert facilitators.
Each year, 250 participants will receive capacity-building support and mentoring, with the top 100 founders who meet programme milestones receiving grants of up to N10 million to support product development or the launch of their ventures.
The Growth Lab, scheduled to launch in a later phase, will target post-MVP startups demonstrating traction, revenue potential, and operational readiness. Selected startups will receive $100,000 in equity investment, along with support to scale operations, strengthen governance, and refine their fundraising strategy.
The programme will also provide a direct pipeline to institutional investors to enable follow-on funding, while startups that secure additional investment from qualified external investors may access match funding.
Speaking on this, Ms Cindy Ezerioha, Head of Founders Lab, iDICE Startup Bridge, said, “Each cohort will support 125 aspiring entrepreneurs, with a clear target of ensuring progress from concept to validated business models. This programme is built for people with innovative ideas, early prototypes, or unanswered questions about how to take their first real step.”
According to Vice President Kashim Shettima and Chairman of the iDICE Steering Committee, “This programme, created under the iDICE umbrella, gives young entrepreneurs across the country a real opportunity to build or scale, and we are confident in its ability to reshape early-stage enterprise development and innovation outcomes over time.”
The Bank of Industry, the implementing agency, says it has disbursed N636 billion to enterprises across various sectors in Nigeria, its largest annual disbursement. Out of this figure, N43 billion was disbursed to projects in the creative & digital sectors.
“We are happy to replicate our success over time with the iDICE Startup Bridge as well,” said Mr Olasupo Olusi, Managing Director and Chief Executive Officer of the Bank of Industry.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn