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
On Monday, January 26, 2026, President Bola Tinubu will leave Abuja for Türkiye for a state visit aimed at “strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in security, education, social development, innovation, and aviation.”
This is according to a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
The president’s spokesman disclosed that the visit is to reciprocate an official two-day visit of Turkish President, Mr Recep Tayyip Erdogan, to Nigeria on October 19, 2021.
Mr Tinubu, according to the statement, will be going to European nation along with other senior government officials, including the Minister of Foreign Affairs, Mr Yusuf Tuggar; the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN); the Minister of Defence, Mr Christopher Musa; and the chairman of the House Committee on Defence, Mr Jimi Benson.
Others on the entourage of the president are the Minister of Women Affairs and Social Development, Ms Imaan Suleiman-Ibrahim; the Minister of Interior, Mr Olubunmi Tunji-Ojo; the Minister of Culture and Creative Economy, Ms Hannatu Musawa; the National Security Adviser (NSA), Mr Nuhu Ribadu; and the Director-General of the National Intelligence Agency (NIA), Mr Mohammed Mohammed.
During the visit, both countries will engage in strategic political and diplomatic discussions on shared values in finance, communication, trade and investment.
The agenda will include meetings between high-ranking officials of both nations and the signing of memoranda of understanding (MoUs) in scientific research, energy, technical cooperation, media and communications, military cooperation and protocol, among others.
A business forum will bring together investors from both countries to explore areas of interest during the visit, with Mr Tinubu expected to return to Nigeria afterwards.
By Aduragbemi Omiyale
Over 120 malnourished children in Alimosho Local Government Area of Lagos State have been given nutritional support, medical screening, and caregiver education.
This was made possible through an initiative known as the Project BLOOM (Bringing Life to Our Overlooked Minors) put together by the Nigerian Exchange (NGX) Group Plc in partnership with the Lagos State government and the Health Emergency Initiative (HEI).
NGX Group staff volunteers worked alongside Lagos State health workers and HEI facilitators during the outreach, assisting with screenings and data recording. Structured follow-up visits are scheduled after four weeks to monitor recovery and provide extended care where necessary.
The Alimosho programme was the third under the initiative. The beneficiaries were hosted at the Lagos State Health District I.
Earlier, the initiative benefitted residents of Yaba and Ajegunle. Over 320 children and 300 caregivers were reached, with monitoring data showing that more than 50 per cent of beneficiaries in the first two phases entered recovery.
The chief executive of NGX Group, Mr Temi Popoola, linked the initiative to broader economic resilience, saying, “Sustainable capital markets are built on strong social foundations. The recovery rates we see with Project BLOOM prove that targeted, collaborative action between the public sector, civil society, and the private sector can deliver tangible impact.”
Also, the Executive Director of HEI, Achunine Pascal, said child malnutrition remains a major contributor to under-five mortality in Nigeria, adding that Project BLOOM is designed to go beyond immediate food support through structured follow-up and continued care.
On his part, the chairman of Alimosho Local Government Area, Mr Akinpelu Ibrahim Johnson, said the initiative supports the council’s long-term strategy for improving child nutrition through early detection, prevention, and effective management of malnutrition.
Representing the Permanent Secretary, Lagos State Health District I, Dr. Solomon Adeyanju commended NGX Group for its commitment to child health, describing Project BLOOM as a valuable complement to the state’s primary healthcare efforts.
With additional outreaches planned, the partners reaffirmed their commitment to reducing preventable child mortality while strengthening the social foundations required for sustainable economic growth.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Minister of Power, Mr Adebayo Adelabu, and the Nigerian Bulk Electricity Trading (NBET) Plc before a Federal High Court in Abuja over their failure to account for an alleged missing N128 billion public funds.
The group in a statement on Sunday by its Deputy Director, Mr Kolawole Oluwadare, said the suit, marked FHC/ABJ/CS/143/2026, was filed last Friday following allegations contained in the Auditor-General of the Federation’s report published on September 9, 2025.
In the lawsuit, SERAP is seeking an order of mandamus compelling Mr Adelabu and NBET to account for what it described as “the missing or diverted N128bn from the Ministry of Power and NBET.”
The organisation is also asking the court to direct the defendants to disclose “details of how the missing or diverted N128bn was spent, including the dates of disbursement and the purported beneficiaries or contractors who received the money.”
SERAP further urged the court to compel the disclosure of “the full names, official designations and offices of all public officers who authorised, approved or otherwise participated in the release of the missing or diverted N128bn.”
According to the group, Nigerians have continued to suffer the consequences of corruption in the electricity sector, particularly amid recurring grid collapses and erratic power supply.
“Nigerians continue to pay the price for the widespread and grand corruption in the power sector,” the group said, adding that “there is a legitimate public interest in ensuring justice and accountability for these grave allegations,” arguing that granting the reliefs sought would help tackle systemic failures in the sector.
“Granting the reliefs sought would contribute to tackling corruption in the power sector and addressing the persistent breakdown of transmission lines in the country, as well as improving access of Nigerians to regular and uninterrupted electricity supply,” it stated.
The group further warned that corruption has deepened hardship for electricity consumers, noting that “ordinary Nigerians continue to pay the price for corruption in the electricity sector—staying in darkness, but still made to pay crazy electricity bills.”
The suit, filed by SERAP’s lawyers, Mr Kolawole Oluwadare, Ms Kehinde Oyewumi and Mr Andrew Nwankwo, relied heavily on findings from the Auditor-General’s 2022 audited report, which detailed multiple alleged financial irregularities involving the Ministry of Power and NBET.
The organisation stressed that public institutions are legally bound to ensure transparency, accountability, and the abolition of corrupt practices.
No date has been fixed for the hearing of the suit.
Business Post had reported earlier that Mr Adelabu claimed that the missing money happened prior to his appointment as the minister of power.
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