General
Nigerian Consumer Sentiment Suffers Sharp Decline
By Modupe Gbadeyanka
The latest report from Nielsen West Africa has disclosed that consumer sentiment in Nigeria suffered a sharp decline in the second quarter of 2020.
In the Nielsen Consumer Confidence Index (CCI), it was stated that Nigeria’s index decreased by 14 points to 108, while Ghana, its West African brother, reported a substantial decrease of 15 points to 104.
The declines in the two West Africa giants were attributed to the unprecedented COVID-19 pandemic, which caused the two countries to declared lockdowns as part of efforts to stop the spread of the virus.
This consequently caused loss in the economy and forced some companies to lay off some of their employees, while citizens were unable to purchase things they used to.
According to the report, in Q2 2020, Nigerian job prospects declined with less than half viewing them as excellent or good, a 14-point drop from the previous quarter.
Nigerians’ sentiment around the state of their personal finances also showed a decline with 59 percent who think they will be excellent or good over the next year, having decreased 19 points from the previous quarter.
Immediate-spending intentions also declined, with only a third of the respondents saying “now is a good or excellent time to purchase” what they want or need, a 14-point drop from the previous quarter.
In terms of whether Nigerians have spare cash to spend, 32 percent said yes, versus 50 percent in the previous quarter.
An analysis of Nigerians spending priorities, once they have met their essential living expenses, it was observed that 81 percent said they would put their spare cash into savings, 73 percent said home improvements and decorating and 66 percent would invest in shares/mutual funds.
Furthermore, 76 percent of Nigerians said they had changed their spending to save on household expenses compared to this time last year. To reduce expenses, 67 percent said they had delayed the replacement of major household items (a 10-point increase on the previous quarter).
In addition, 64 percent said they would spend less on new clothes and 56 percent said less out of home entertainment – both of which are understandable given ongoing restricted living patterns.
In the next 12 months, Nigerians said their top concern would be attaining a work/life balance (31 percent), which has seen the biggest increase of eight points compared to the previous quarter. This is followed by increasing food prices (23 percent) and concerns over the economy (19 percent).
Commenting on the consumer sentiment for Nigeria, the Managing Director of Nielsen Nigeria, Mr Ged Nooy, stated that, “As Africa’s largest economy and the largest exporter of oil, Nigeria’s economy was already under immense pressure before the COVID-19 lockdown due to the collapse in international oil prices.
“Based on the additional economic pressure as a result of the COVID-19 pandemic, Nigeria, therefore, instituted a fairly early easing of its 5-week lockdown in early May due to the adverse financial effects on its economy and population.”
Elaborating on these results, Mr Nooy submitted that, “Economic recovery has been sluggish and will remain severely constricted due to the oil price crash amidst and beyond the pandemic.
“For Nigeria’s manufacturing and retail sectors to rebound will require a sharp focus, as trade opportunities and execution remains severely constrained, having further deteriorated during the partially restricted living period.”
Looking at Ghana’s performance, its citizens have significantly dropped their outlook around their job prospects, with less than half (45 percent) saying they will be good or excellent in the next 12 months – a 16-point decrease from the previous quarter.
In terms of the state of their personal finances over the next 12 months, 60 percent say they are excellent or good, again a substantial 16-point drop from the previous quarter.
Ghanaians propensity to purchase has also seen a considerable decrease quarter on quarter, with the number of those who think now is a good or excellent time to purchase what they want or need drop from 52 percent to 33 percent in the second quarter.
Only 43 percent of Ghanaians say they have spare cash, down 13 points from the previous quarter. Once they meet their essential living expenses, the highest number of consumers (74 percent) put their spare cash into savings, followed by 73 percent on home improvements/decorating and 56 percent who would invest in stocks and mutual funds.
One of the most significant drops in discretionary spending is on holidays down from 58 percent to 27 percent – a clear indicator of consumers’ mindset shift away from non-essential services and their desire to avoid unnecessary travel.
When asked whether they had changed their spending to save on household expenses compared to this time last year, 75 percent said yes, up seven points from the previous quarter.
To reduce expenses, 53 percent said they spent less on new clothes, 52 percent on out of home entertainment, with the same figure deferring on the replacement of major household items.
When looking at the real-life factors that are affecting their outlook, the top consumer concerns over the next 12 months were increasing food prices (29 percent), followed by work/life balance (23 percent) and their children’s education (22 percent).
Yannick Nkembe, Market Lead for Nielsen West Africa Expanded Market, noted that, “The latest consumer sentiments reflect the market reality.
“With the global pandemic affecting the economy and causing general uncertainty all around, consumers have readjusted their confidence levels and are also more cautious with their spend.”
Nkembe added that, “Ghana has previously experienced strong business prospects and with the relatively earlier easing of restrictions to stimulate its economy, recovery in Ghana is likely to rebound sooner.
“We expect consumers to revert to previous consumption behaviours, although some of their attitudes will have fundamentally or permanently changed post the pandemic.”
By Modupe Gbadeyanka
Oceangate Engineering Oil and Gas Limited has concluded plans to challenge the Federal High Court judgment directing the forfeiture of its assets to the federal government.
The energy firm, in a statement on Thursday by its scribe, Ms Nnenna Onyeaso, denied any wrongdoing in the matter taken to court by the Economic and Financial Crimes Commission (EFCC).
Justice Emeka Nwite of the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate, after ruling that the EFCC established that the foreign currency was proceeds of fraud and unlawful activities.
The judge dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
Reacting to the issue in the statement, Oceangate described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.
The organisation emphasised that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.
“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.
“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” Ms Onyeaso said in the statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes, adding that the firm remained confident that the facts of the case will ultimately affirm its integrity and business practices.
She stressed that the company’s operations remained unaffected, stating that it continues to provide employment to many Nigerians while contributing to the country’s energy sector and broader economy.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added, saying the organisation expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.
“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process,” Ms Onyeaso stated.
By Adedapo Adesanya
The late Herbert Wigwe, former chief executive of Access Bank, has been linked to 106 properties in London, a new investigation by a British paper found.
The investigation by The Londoner examined 32,611 properties across the British capital owned by overseas entities, traced foreign-held properties through shell companies and offshore structures. The findings were made possible by a UK legal reform requiring overseas entities to declare their beneficial owners.
However, the publication emphasised that the report documents ownership and does not allege any wrongdoing.
Mr Wigwe, who died in a helicopter crash alongside his wife, son, and friend in California in February 2024, was one of Africa’s most prominent banking executives, having helped transform Access Bank into one of Nigeria’s largest financial institutions.
The investigation found him in connection with 106 London-based properties, which underscores the scale of his presence in one of the world’s most expensive real estate markets.
Previously, UK company records had linked Mr Wigwe to an address on The Bishops Avenue in north London, one of the city’s most exclusive streets.
He was listed in 2012 as a director of Carmel Gate Ltd, with a correspondence address at Flat 7, Allingham Court, 44 The Bishops Avenue. The new investigation suggests his property interests in London were far wider than previously known.
Mr Wigwe also served as director of Access Bank UK Limited from 2008 until his death. Documents from Access Holdings show that he and the current Access Bank CEO, Mr Roosevelt Ogbonna, were the only shareholders when the holding company was incorporated in 2021, each holding 4,000,000 ordinary shares.
The Londoner noted that foreign ownership in London stretches from Oxford Street and Camden Market to luxury residential towers and landmark commercial sites, often held through companies in Jersey, Guernsey, and the British Virgin Islands.
The development came on the back of British legislation in 2022, which mandated that any overseas entities that owned UK real estate had to register their real ownership with UK authorities.
The Londoner reported that among others found to own properties include the Private Department of the President of the UAE, the Qatar Central Bank, as well as the Libyan Investment Authority, the sanctioned sovereign wealth fund based in Tripoli.
Controlled environment agriculture has become an important part of modern food production and facility management in the United States. Agricultural producers, research institutions, and industrial property operators often require protected growing areas to ensure stable plant development. Greenhouse systems allow operators to manage temperature, moisture, and airflow while protecting crops from environmental stress.
One example of this approach is the Tunnel Greenhouse Grow Tent w/12 Mil Ripstop Leno Mesh Cover. Tunnel greenhouse structures create enclosed growing spaces that support plant cultivation while maintaining airflow and natural light exposure. These systems are used in small agricultural operations as well as in institutional and facility management programs.
Market Context and Importance in the United States
Demand for reliable plant cultivation systems has increased due to changing climate patterns and expanding urban development. Many organizations require predictable plant production for landscaping, research, and food supply programs. Controlled environment greenhouse structures allow operators to extend growing seasons and reduce crop losses.
Tunnel greenhouses are widely used because they are easier to install than large permanent structures and can be adapted to different locations.
Basic Structure and Functional Design
Tunnel greenhouse grow tents use a curved frame structure covered with durable protective material. The covering allows sunlight to enter while protecting plants from wind and heavy rainfall.
Key structural elements include:
- Steel frame that supports the structure
- Protective mesh or plastic covering
- Roll up windows for airflow control
- Ground anchoring system for stability
- Entry door for maintenance access
Operational Applications
Tunnel greenhouse systems support several types of cultivation and facility management operations.
- Vegetable and fruit cultivation
- Seedling propagation programs
- Landscape plant preparation
- Agricultural research and testing
- Protected growing environments in cold regions
Efficiency and Productivity Considerations
Greenhouse structures improve productivity by providing consistent environmental conditions. Controlled growing spaces help operators maintain plant health and improve production planning.
- Reduced crop loss from weather exposure
- Improved control of temperature and moisture
- Extended growing seasons
- More predictable plant development cycles
Technical Infrastructure Considerations
Successful greenhouse operation requires attention to environmental and structural factors. Operators must ensure that the structure can withstand local climate conditions while supporting plant growth requirements.
- Proper anchoring for wind resistance
- Sunlight exposure throughout the day
- Ventilation management through windows or vents
- Reliable water supply for irrigation
- Monitoring of temperature and humidity levels
Safety Practices and Maintenance
Regular inspection helps maintain safe operation and structural stability of greenhouse systems.
- Inspect frame connections and anchors
- Replace damaged covering materials
- Maintain safe electrical connections for ventilation equipment
- Keep walkways clear during maintenance work
Related Equipment and Accessories
Greenhouse systems often operate together with other tools that support plant cultivation.
- Irrigation systems
- Plant benches and racks
- Ventilation fans
- Environmental monitoring devices
- Supplemental lighting equipment
Advantages and LimitationsAdvantages
- Flexible installation in different locations
- Protection from environmental conditions
- Improved plant growth stability
- Lower cost compared with permanent structures
Limitations
- Performance influenced by local climate conditions
- Requires routine maintenance of covering materials
- Limited insulation compared with permanent greenhouse buildings
Example from a Small Agricultural Operation
A small vegetable farm in the northeastern United States installed tunnel greenhouse structures to extend the growing season for leafy crops. By using protected cultivation space, the farm was able to begin seedling development earlier in the spring and continue production later in the autumn. This approach improved crop availability while reducing the impact of seasonal weather changes.
Conclusion and Future Industry Trends
Tunnel greenhouse grow tents provide a practical solution for controlled environment cultivation in agricultural and institutional settings. Their flexible design and relatively simple installation make them suitable for many types of plant production programs.
Future developments in greenhouse technology may include improved covering materials, automated ventilation systems, and advanced environmental monitoring tools. As interest in reliable plant production continues to grow, controlled cultivation systems will remain an important part of modern agricultural and facility management practices.
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