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 Aduragbemi Omiyale
To ensure reliable access to clean and safe water for thousands of residents, Access Bank Plc has facilitated the installation of boreholes in 10 underserved communities in Nigeria.
The communities are Arogun, Omu Ishoko, Kemta, Ajibode, Aleku, Ogunrun, Oniwawa, Okeran, Abaren, and Afojupa.
This is part of the lender’s commitment to sustainable development and community well-being through its Access Clean Water Project, a transformative initiative aimed at improving access to clean water, sanitation, and hygiene (WASH).
The project, implemented in partnership with HACEY, a leading development organisation, directly supports Sustainable Development Goal 6, ensuring availability and sustainable management of water and sanitation for all.
With Nigeria’s population exceeding 200 million and access to pipe-borne water in urban households declining from 32 per cent in 1990 to just 3 per cent in 2015, the need for sustainable water solutions has never been more urgent.
The Access Clean Water Project addresses this challenge by providing functional boreholes and WASH education to communities in Obafemi Owode and Otta Local Government Areas, benefiting over 500,000 residents.
This initiative aligns with Access Bank’s broader Corporate Social Investment (CSI) strategy and reinforces its position as a leading sustainability-focused financial institution.
By supporting clean water access, the Bank is fostering community growth through improved health, education, and economic opportunities and demonstrating its commitment to inclusive development and long-term positive impact.
The Programme Officer for Health at Access Holdings Plc, Ms Esther Graham, said, “Access Bank is proud to support this vital initiative that not only improves lives but also strengthens the foundation for sustainable economic growth.”
“Our commitment to community development is unwavering, and we believe access to clean water is a fundamental right that drives progress,” she added.
In addition to infrastructure development, the Access Bank Clean Water Project includes comprehensive WASH (Water, Sanitation, and Hygiene) education, equipping community members with essential knowledge on hygiene practices and the prevention of waterborne diseases.
The impact of this initiative is far-reaching. By improving access to clean water, the project is expected to significantly reduce the incidence of waterborne illnesses, enhance hygiene standards, and promote healthier living conditions.
Ultimately, the project is expected to strengthen community resilience, drives sustainable development, and reaffirm Access Bank’s commitment to fostering inclusive growth and well-being across Nigeria.
By Adedapo Adesanya
Nigeria plans to launch a state-by-state home ownership and housing development campaign as part of the Renewed Hope Housing initiative.
The Minister of Housing and Urban Development, Mr Ahmed Dangiwa, made this known at the 19th Africa International Housing Show (AIHS) in Abuja, noting that the initiative aims to address housing needs across Nigeria, regardless of income level, by providing various housing options and facilitating access to homeownership.
Mr Dangiwa said the campaign, which will be rolled out in the 36 States of the Federation and the FCT, will make housing accessible to all Nigerians
According to the Minister, the biggest gaps in housing delivery are at the sub-national level where many state governments lack technical capacity, planning systems, and financial tools to act decisively.
He said that the programme would be implemented in collaboration with state governments, private sector investors, and international development partners.
“I am pleased to announce our plan to launch a State-by-State Homeownership and Housing Development Campaign, a high-impact outreach initiative in collaboration with state governments, the private sector, and development partners.
“The goal is to bridge the gap between national housing policy and state-level execution while empowering citizens with the knowledge and tools to access affordable housing opportunities.
“As part of this initiative, we aim to embed housing reform champions as Special Advisers to State Governors, convene State Housing Roundtables to review existing housing development plans.
“We will also provide technical advisory, develop actionable roadmaps, and offer hands-on support to structure viable projects and unlock financing.”
Mr Dangiwa said that the campaign would also ensure alignment with federal programmes, thereby enabling states to access funding and technical support from institutions.
The institutions include the Federal Mortgage Bank of Nigeria (FMBN), Nigeria Mortgage Refinance Company (NMRC), Family Homes Funds, the MoFI Real Estate Investment Fund (MREIF), Shelter Afrique Development Bank, and others.
“I therefore call on our development partners, DFIs, donor agencies, and private sector leaders to support this initiative.
“Let us take the knowledge we share in conferences like this and transform it into concrete action in our communities.”
Mr Dangiwa also said that to underscore the government’s renewed political will to housing delivery, plans have been finalised to establish an Experts-led National Housing Policy Coordination and Monitoring Committee.
He said this was to evaluate, and report on the implementation of the National Housing Policy and related housing sector programmes.
“Housing is not a privilege, it is a right. It is not just a roof, it is the bedrock of health, dignity, productivity, and national stability. When we invest in housing, we are investing in people, in jobs, in cities, and in the future,” he said.
Mr Dangiwa also acknowledged that the government alone cannot mobilise the funding required to fix the housing need.
He said that was why the government was leveraging Public Private Partnerships (PPPs) with reputable developers to deliver Renewed Hope Cities which target mid to high income earners.
He said that so far, over N70 billion in private sector capital have been attracted by the government .
By Adedapo Adesanya
Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested 11 individuals, including seven Chinese nationals, for engaging in illegal mining of ilmenite in the Eastern Obolo Local Government Area of Akwa Ibom State.
Ilmenite, the mineral allegedly mined illegally, is a key source of titanium and is in high demand globally for use in aircraft manufacturing, paints, and electronics.
According to the EFCC, the suspects were apprehended at Emem-Asuk community, where they were reportedly operating two unauthorized mining sites.
The group was caught while setting up equipment at a second location, having already begun the illegal extraction of ilmenite, at their first site.
Those arrested included Chinese nationals Yang Chaobao (32), Zhong Dun Yi (33), Cheng Jiang (35), Zhong Dun Long (37), Pan Peiming (33), Lai Yiping (37), and Zhu Lekun (35). Their Nigerian collaborators are David Israel (18), Jonah Bartholomew Jim (24), Samuel Samuel Timothy (20), and a female interpreter, Comfort Gabriel Ajaga (23).
In her statement to investigators, Ms Ajaga, the only female suspect, claimed she had no direct role in the mining operations.
“I am a student studying Chinese language at a Learning Centre in Anambra State. I only work with them as a translator,” she told EFCC operatives.
Preliminary findings indicate the suspects lacked the requisite permits or licences to carry out mining operations at either location.
The EFCC says the arrests are part of its ongoing efforts to clamp down on economic sabotage and environmental crimes in Nigeria’s extractive industries.
“The suspects will be charged to court upon conclusion of investigation,” the EFCC said in a statement posted on X.
This development underscores growing concerns over the influx of illegal mining operations in Nigeria, often run by foreign syndicates with local collaborators, leading to revenue losses and ecological degradation.
The EFCC has stepped up efforts to enforce the laws against illegal mining as part of a wider national effort to curb the activity.
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