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Nigeria Suffers Drop in Consumer Confidence Index

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Consumer Confidence Index

A new report by Nielsen Africa has revealed that the Consumer Confidence Index (CCI) of Nigeria has dropped five points to 112, while that of Ghana went down by four points to 114 in the third quarter of 2019 from 118 in the previous quarter.

In a statement made available to Business Post, it was stated that these two sets of results present a fairly stable, albeit a slightly less positive picture of consumer sentiment across West Africa compared to the previous quarter.

“Nigerians are experiencing a subdued confidence level considering that inflation has started to rise again and the proposed VAT increase bill, which is making people cautious.

“Furthermore, the rising sovereign debt and the anxiety around further Naira devaluation, continued to impact consumer sentiment in Nigeria in the third quarter,” Managing Director of Nielsen for Nigeria, Mr Ged Nooy, was quoted as saying.

Looking at the consumer picture, Nigerians immediate-spending intentions has shown a large decline; with only 41 percent of consumers (versus 54 percent in the previous quarter) saying now is a good or excellent time to purchase what they want or need. Their perception around job prospects has also declined, with 55 percent viewing them as excellent or good, a five-point drop from the previous quarter.

In addition, sentiment around the state of personal finances has also shown a decline, with 76 percent Nigerians agreeing their state of personal finances will be excellent or good over the next year, a six-point drop from the previous quarter.

Looking at whether Nigerians have spare cash to spend, 47 percent said yes, versus 51 percent in the previous quarter. In terms of their spending priorities once they meet their essential living expenses, 76 percent would invest in home improvements/decorating, 72 percent would put their spare cash into savings and 62 percent say they will invest in shares/mutual funds.

Looking at the top concerns for Nigerians over the next six months, work/life balance tops the list with 28 percent, a one-point increase compared to the previous quarter. This is followed by concerns around increasing food prices at 22 percent (the same as Q2’19) and tolerance towards different religions (19 percent) superseding the economy, which is now at 16 percent, a four-point decrease compared to the previous quarter.

Elaborating on these results, Mr Nooy stated that, “Nigerian consumer sentiment dropped this quarter, however, it is still quite high compared to the cut off of 100, where anything above 100 reflects a positive consumer confidence. The key for marketers and retailers is to understand these fluctuating consumer sentiments and quickly adapt to the consumer’s needs.”

Looking at Ghana’s overall performance, Nielsen Market Lead for West Africa, Yannick Nkembe, noted that, “The initial optimism experienced at the beginning of the year is waning in Ghana owing to the concerns around the economy. Though inflation levels dropped, these have not shown a meaningful impact at the ground level and Ghanaians continue to feel the pressure. Consumers have become cautious of spending as they are not certain of future prospects.”

This more subdued outlook is reflected by Ghanaian consumers’ curtailed view of their job prospects, with a substantial 12-point decrease to 51 percent saying job prospects will be excellent or good in the next 12 months. In terms of the state of their personal finances over the next 12 months, 72 percent say they are excellent or good, down from 74 percent in the last quarter. The number of Ghanaian consumers who feel now is a good or excellent time to purchase the things they need or want, has also seen an inconsequential drop quarter on quarter, from 46 percent to 45 percent.

Looking at whether Ghanaians have spare cash, only 42 percent say yes, down a substantial 10 points from the previous quarter. Once they meet their essential living expenses, the highest number of consumers (82 percent) still say they will put their spare cash into savings, followed by 66 percent on home improvements/decorating and 59 percent who will invest in stocks and mutual funds.

When looking at the factors that are having a negative impact on Ghanaians outlook, the top concerns over the next six months are increasing food prices (26 percent) followed by work/life balance at 22 percent, the economy and tolerance towards different religions, both at 18 percent, and job security coming in fourth at 16 percent.

In light of their outlook, more than three quarters (72 percent) of Ghanaians have changed their spending to save on household expenses compared to the same time in the previous year.

The top three actions they have taken to save money are delaying the replacement of major household items (55 percent), looking for better deals on loans/insurance/credit cards (54 percent) and spending less on new clothes (53 percent).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security

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Anti-Drone Systems

By Adedapo Adesanya

Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.

He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.

According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.

The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.

The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.

Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.

He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.

Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.

Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026

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By Adedapo Adesanya

Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.

The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.

The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.

With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.

Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.

The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.

According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.

The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.

Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.

Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.

Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.

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Impact Investors Foundation Launches GESI Baseline Report

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GESI Baseline Report

The Impact Investors Foundation (IIF), Nigeria’s leading platform for unlocking impact capital, today hosted the 4th Gender Impact Investment Summit (GIIS). The landmark event featured the historic unveiling of the Inclusive Capital Scorecard, a Gender Equity and Social Inclusion Baseline report, which establishes a foundation and clear understanding for GESI integration practices in impact investment.

The summit, themed “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth,” convened at a critical juncture for deepening Nigeria’s National Women Economic Empowerment policy. Building on the momentum of previous years, where over 50 organisations pledged support for inclusive capital, the 4th GIIS serves as the definitive platform to translate high-level pledges into tangible, measurable results for women, youth, and the over 35 million Nigerians living with disabilities.

The centrepiece of this year’s summit was the GESI baseline survey, which serves as a reference point for tracking progress, informing interventions, and strengthening accountability toward achieving the national inclusive capital roadmap. It also features a policy roundtable, where regulators, ministries and government agencies made actionable commitments to strengthen cross-sector collaboration, and accelerate policy implementation for women, youths and persons with disabilities (PwD) in key economic sectors, including climate resilient industries.  “The GESI Baseline Report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system,” stated Etemore Glover, CEO of the Impact Investors Foundation. “While women own nearly 40% of Nigerian businesses, they receive a disproportionately small share of formal credit. This report empowers stakeholders to identify acute gaps and benchmark progress as we move toward a truly inclusive economy.”

Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact, emphasised the significance of this milestone at the 4th GIIS: “By providing the data-driven foundation needed to benchmark progress, it demands that stakeholders not only mobilise inclusive capital at scale but also embed GESI and gender lens investment principles into every investment decision and policy. This summit is the definitive platform to close investment gaps, unlocking Nigeria’s full economic potential and ensuring our growth is truly equitable and transformative.”

The 4th Gender Impact Investment Summit (GIIS) acts as a vehicle to dismantle obstacles for women, serving as a catalyst for growth by actively driving impact to accommodate women, including those in the informal labour market. It moves beyond rhetoric to institutionalise accountability by encouraging organisations to not only track how capital is raised, but also the type of capital deployed, jobs created, enterprise growth, geographic reach, and measurable inclusion outcomes.

Gender Equality and Social Inclusion (GESI) are increasingly recognised as critical leverage points; by addressing the institutional gaps that leave women, youths and persons with disabilities-led businesses under-resourced, Nigeria can catalyse a new wave of data-driven investment and productivity.

The keynote address, ‘Turning Gender Equity into Economic Advantage,’ presented by His Highness Khalifa Muhammad Sanusi II CON, Sarkin Kano, stressed the need for the intentional dismantling of structural barriers that hinder women’s financial inclusion, noting that gender equality is not merely a social imperative but a critical economic lever for national prosperity.

To facilitate immediate economic impact, the 4th GIIS introduced enhanced Deal Rooms, operating both virtually and in-person. These rooms are specifically designed to provide a direct matchmaking pipeline, connecting investors with ready-to-scale, women-led enterprises, leading to a soft commitment of about $250,000 from investors.

In addition, the summit featured technical sessions which emphasised institutional capacity building, equipping both public and private sector actors with the GESI diagnostic tools, investment readiness tools and data capturing frameworks necessary to mainstream GESI and gender lens investing (GLI) into their core operations.

The economic urgency of this intervention is underscored by current data showing a stark inclusion gap: only 23% of Nigerian women have bank accounts, compared to 77% of men. By providing credible, first-of-its-kind data, the IIF is positioning the GESI Roadmap as a strategic necessity for sustainable national growth.

The summit featured high-level participation from financial institutions, Development Finance Institutions (DFIs), and policymakers. Through interactive panels and policy conversations, leaders were invited to move beyond discourse and lead in GESI integration, utilising the new report to influence future policy and investment strategies.

The 4th Gender Impact Investment Summit reaffirms IIF’s role as a strategic architect in the Nigerian investment market, dedicated to establishing actionable interventions that ensure no one is left behind in the pursuit of prosperity.

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