General
COVID-19: Consumer Goods Sector Hardest Hit—FBNQuest Survey
By Modupe Gbadeyanka
**Says Income Levels Down 30%
The income levels of consumers in Nigeria are down by an average of 30 percent since March 2020, while job opportunities are fast disappearing, a survey has revealed.
The study conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest, corroborates findings from the National Bureau of Statistics (NBS) COVID impact survey that consumers have fallen on harder times.
Another sticking point is that consumption of non-essentials has been cut drastically, with respondents stating that they have reduced spending on higher value category items by about 22 percent since about three months ago.
Although, overall consumption has reduced since the pandemic started, the least spending cuts were made on food and health, which respondents viewed as most essential.
It is now becoming clear that the consumer goods sector is among the hardest hit by the economic crisis brought about by the COVID-19 pandemic.
The fragility of household wallets has been laid bare, with statistics now pointing to even weaker consumer sentiments.
The knock-on effect of fading demand and weaker oil prices are also stifling earnings of consumer goods companies.
The market has responded sharply to these challenges by marking these companies down. Year-to-date, the consumer goods index is down -28% – the worst performing index, behind the broad market index’s -7 percent.
The consumer companies have also entered an exceptionally tough phase. Following the crude price collapse in March, accessing foreign exchange at higher interbank rates made obtaining raw materials more challenging.
The companies are only able to obtain dollars at rates of around N360-390/$ relative to N330-360/$ pre-oil collapse.
That aside, given that consumer wallets are under pressure, passing on price increases to combat heightened competition comes at a great cost.
Among the publicly-listed companies, Q2 results – most of which will have been published by late July) – will reflect more of the COVID-related challenges, given that the lockdown took effect in late March.
The other pressure point expected to be seen comes from FX losses booked by the listed companies in their financial statements as a result of the currency depreciation.
Essentially, information provided by REACH confirms that consumer sentiments have turned sourer, with only 3 percent of respondents claiming that they are benefiting from the pandemic.
More recently, the VAT increase in February and an impending hike in electricity tariffs potentially tightens the squeeze on disposable incomes further.
An acute downturn in spending is therefore increasingly likely this year. The IMF projects a GDP contraction 3.4 percent in 2020, while the labour ministry expects unemployment to rise to levels above 33.5 percent from 23 percent in Q3 2018 (last publication). Indeed, recent media reports are already pointing to job losses in key sectors.
A few sectors have gained considerable ground on the back of the pandemic. In this regard, the telecoms sector comes to mind considering that increases in remote communications and internet entertainment drove demand for data.
The consumer goods sector in marked contrast finds itself in the unenviable position of being hit hard. That said, investors need to ensure that their consumer goods exposures are tilted in favour of companies like Nestle Nigeria, which has a proven track record of handling this level of pressure based on historical precedent.
By Adedapo Adesanya
Nigeria’s Ministry of Foreign Affairs has confirmed that the latest United States airstrikes on Islamic State West African Province (ISWAP) targets in northwest Nigeria were conducted at the request of the Nigerian government.
According to reports, the US struck at ISWAP targets in Jabo, Sokoto State, on Christmas night.
The ministry described the operation as a product of established counterterrorism cooperation between both countries.
In a press statement issued on Friday, the Ministry said the strikes were “undertaken following formal engagement and with the full knowledge and coordination of the Government of the Federal Republic of Nigeria.”
“The Government of Nigeria wishes to clarify that the airstrikes conducted by the United States against Islamic State elements in parts of northwest Nigeria were carried out at the request of Nigerian authorities and in line with existing bilateral security cooperation frameworks,” the statement said.
The Ministry stressed that Nigeria “remains firmly in control of all counterterrorism operations within its sovereign territory,” adding that international partners only provide support “where such assistance aligns with Nigeria’s national security objectives.”
According to the statement, the strikes form part of Nigeria’s broader strategy to “degrade terrorist capabilities, disrupt logistics networks, and protect civilian populations from violent extremist threats.”
The Foreign Ministry further emphasised that the federal government “will continue to work with trusted international partners to confront terrorism, banditry, and transnational criminal networks that threaten national and regional stability.”
Reacting to concerns around sovereignty, the Ministry said:
“At no time was Nigeria’s sovereignty compromised. All actions were conducted with due respect for Nigeria’s laws, institutions, and command structures.”
The statement also cautioned against mischaracterising Nigeria’s security challenges, noting that extremist violence “has affected communities across religious and ethnic lines and should not be framed in sectarian terms.”
Nigeria reaffirmed its commitment to a multi-layered response combining military operations, intelligence sharing, community engagement, and socio-economic interventions, adding that counterterrorism efforts remain focused on protecting lives and restoring stability.
The US Africa Command (AFRICOM) said the strikes were carried out in Sokoto State and that multiple militants were killed.
US President Donald Trump described the strikes as “powerful and deadly,” saying they were directed at Islamic State militants responsible for violent attacks on Christians in Nigeria.
The Nigerian government has clearly denied that only Christians are affected by the killings, saying the terror spread across all faiths.
Meanwhile, US Defence Secretary Pete Hegseth has warned that “more to come” as part of sustained efforts against extremist groups.
By Aduragbemi Omiyale
The United States government gave some terrorists in Nigeria a Christmas gift that sent many of them to the great beyond.
On Thursday, December 25, 2025, the United States President, Mr Donald Trump, directed his country’s military to launch air strikes on camps of members of the dreaded Islamic State in Iraq and Syria (ISIS) in Sokoto State.
According to Mr Trump, the military action, which he threatened to carry out a few weeks ago if the Nigerian government does not stop the killing of Christians in the country, occurred on Thursday night.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS Terrorist Scum in Northwest Nigeria, who have been targeting and viciously killing, primarily, innocent Christians, at levels not seen for many years, and even Centuries!
“I have previously warned these Terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.
“The Department of War executed numerous perfect strikes, as only the United States is capable of doing.
“Under my leadership, our country will not allow radical islamic terrorism to prosper. May God bless our military, and Merry Christmas to all, including the dead terrorists, of which there will be many more if their slaughter of Christians continues,” Mr Trump wrote on his Truth Social platform.
In a video on X, formerly known as Twitter, the Department of War of the United States posted the below video of the air strikes;
https://twitter.com/DeptofWar/status/2004351717131903272
By Modupe Gbadeyanka
The presidency has reacted to speculations that Mr Femi Gbajabiamila has been removed as the Chief of Staff to President Bola Tinubu.
It was alleged that Mr Gbajabiamila has been replaced with the President’s Principal Private Secretary, Mr Hakeem Muri-Okunola.
Mr Muri-Okunola went to Abuja to take up this role after leaving as the Head of Service of the Lagos State Civil Service.
Reacting to the reports on social media on the purported removal of Mr Gbajabiamila, a former Speaker of the House of Representatives, the presidency said no such change has been made.
In a statement signed on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, members of the public were advised to disregard the report as “there is absolutely no truth to this story.”
“The Chief of Staff remains in his position. The Principal Private Secretary likewise remains in his role. Hakeem Muri-Okunola has not replaced Femi Gbajabiamila as Chief of Staff.
“The viral claim is a fabrication by mischievous purveyors of fake news whose sole aim is to create disharmony within the government.
“We reiterate that news media should always verify their information before publishing or sharing on social media,” the statement said.
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