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
A leading gas and power company in sub-Saharan Africa, Axxela Limited, has expanded its natural gas pipeline network with new customers.
The new customers include Radisson Blu Anchorage Hotels, Sheraton Hotels, Jawa International Limited, Solem Agro, and Abimbola Agro, among others.
The company’s customer connections span the manufacturing, hospitality, pharmaceutical, and fast-moving consumer goods (FMCG) sectors.
The new clients were facilitated through Gaslink Nigeria Limited (Gaslink), one of Axxela’s subsidiary companies.
“These connections go beyond the expansion of our customer portfolio; they reflect our commitment to broadening energy access for businesses across critical sectors of the economy and supporting Nigeria’s drive towards increased domestic gas utilisation.
“By enabling these businesses to embrace cleaner and more affordable energy solutions, we are helping to improve their operational efficiency while also supporting their environmental sustainability goals,” the Executive Vice President for Axxela Gas Distribution, Mr Kehinde Alabi, said.
“We recognise that collaboration with key players across diverse sectors is essential to powering industries and shaping a more sustainable future for Nigeria and the region.
“These new connections underscore our commitment to expanding domestic gas use, reducing carbon footprints, and providing cost-effective energy alternatives in line with the Federal Government’s energy transition objectives,” he added.
Through its growing infrastructure investment footprint, Axxela continues to play a pivotal role in unlocking the economic potential of natural gas by advancing domestic gas utilisation, enabling industrialisation, and supporting a sustainable energy transition in line with the federal government’s vision of a gas-powered economy.
By Aduragbemi Omiyale
Banks operating in Nigeria have been charged to further deepen and prioritise financial inclusion, women’s empowerment and sustained growth.
This call was made by the Chartered Institute of Bankers of Nigeria (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB).
They want financial institutions to deploy strategic mandates and frameworks aimed at closing the financial gap and empowering small and medium enterprise (MSME) owners.
At a courtesy visit to congratulate Mr Dele Alabi on his investiture as the 24th head of CIBN on May 16, 2026, the president of ACAMB, Mr Jide Sipe, said his group was ready to work closely with CIBN to achieve these goals.
According to him, closing the imbalances in financial access helps economies grow faster, reduces inequality, and encourages greater civic participation by all.
Mr Sipe also used the occasion to announce ACAMB’s 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector.
“The association is pleased to announce the celebration of its 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector,” he said.
The ACAMB leader also formally invited the CIBN president to chair the anniversary Gala Night slated for Wednesday, September 30, 2026.
“We are inviting industry leaders to this anniversary and recognising many people who have stood by ACAMB over the years,” he stated, soliciting the institute’s support through attendance and the invitation of bank managing directors.
In his remarks, Mr Alabi thanked ACAMB for the visit, promising that the institute will prioritise financial inclusion and women’s empowerment.
He said access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
At his investiture over two months ago, Mr Alabi unveiled his IMPACT Vision, themed Consolidating Our Local Impact, Enhancing Our Global Relevance.
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Mr Alabi added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms, saying, “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do.”
“To this end, we intend to contribute our quota in supporting banks and financial institutions in driving gender-focused financial inclusion to close the 9 per cent gender gap in access to formal financial services,” he added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has launched the pilot phase of its Management Information System (MIS) and Electronic Cargo Tracking System (ECTS) at the PTML Area Command, Lagos, as it pushes its modernisation drive aimed at enhancing trade facilitation, operational efficiency and service delivery.
The pilot launch was led by the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Mrs Oluyomi Adebakin, who represented the Comptroller-General of Customs, Mr Adewale Adeniyi.
She commended the PTML Area Command for its exceptional level of preparedness, describing its readiness as a testament to the collaborative efforts and commitment of officers towards the successful implementation of the initiative.
“Modernisation and digitalisation are no longer optional. As the lead agency in border management, the Nigeria Customs Service cannot afford to lag. If we don’t move with the cloud, we will be left behind. This pilot phase reflects our commitment to building a modern Customs Service that meets global standards,” she said.
In his welcome address, the Acting Customs Area Controller, PTML Area Command, Deputy Comptroller Nura Miko, said the command continues to prioritise trade facilitation while maintaining a balance with revenue generation and national security.
He disclosed that PTML, which currently achieves cargo clearance within two hours, is working towards reducing the clearance time to one hour through digital innovation and improved operational processes.
“At PTML, trade facilitation remains our priority. Having achieved a two-hour cargo clearance time, we are now working towards reducing it to one hour through the deployment of these digital platforms and continuous process improvements,” Mr Miko said.
The event featured a live demonstration of the MIS and ECTS by the Service’s ICT Unit, which explained that the in-house developed applications are highly scalable and designed to support indigenous technology development.
The team showcased key modules, including the Duty Roster, Internal Roster, File Tracker and Posting Management, while disclosing that officer onboarding, user training and deployment of the Electronic Cargo Tracking System are already underway as part of the pilot phase.
