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 Adedapo Adesanya
Former Vice President, Mr Atiku Abubakar, has won the presidential ticket of the African Democratic Congress (ADC), setting up his seventh presidential run for the 2027 general elections.
He defeated former Minister of Transportation, Mr Rotimi Amaechi, and businessman, Mr Mohammed Hayatu-Deen, in the party’s primary election held on Monday.
The returning officer, Mr Tunde Ogbeha, declared Mr Abubakar as the winner after the final collation of the results from the 36 states and the Federal Capital Territory (FCT).
He said Mr Abubakar emerged after polling 1,846,370 votes to defeat Mr Amaechi, who came second with 504,117 votes, and Mr Hayatu-Deen, who secured 177,120 votes.
The primary election was conducted through direct voting across the country. The collation began on Tuesday and continued on Wednesday at the Transcorp Hilton in Abuja.
Mr Amaechi and Mr Hayatu-Ddeen rejected the process on Tuesday, alleging widespread irregularities before the final collation of results began.
Mr Amaechi described the results as “concocted,” alleging massive voter disenfranchisement and manipulation during the exercise. Mr Hayatu-Deen also accused party officials of rigging and compromising the credibility of the process.
Despite the protests, the ADC proceeded with the collation and declaration of results in Abuja, formally returning Atiku as the party’s presidential candidate for the 2027 general election.
The victory marks another presidential bid for the former vice president, who previously contested under the platform of the Peoples Democratic Party in the 2019 and 2023 elections.
Mr Abubakar dominated the contest across many northern states, recording landslide victories in Adamawa, Kano, Gombe, Bauchi, Kaduna, Borno, Sokoto, Kebbi, and Zamfara.
In Adamawa State, his home state, he polled 177,141 votes against Mr Amaechi’s 1,896 votes and Mr Hayatu-Deen’s 18,949 votes. He also secured 155,595 votes in Kano, 136,933 in Gombe, 115,410 in Bauchi, and 108,784 in Kaduna.
Mr Amaechi, however, performed strongly in parts of the South-south, winning Rivers, Bayelsa, Delta, Akwa Ibom, and Ebonyi states.
In Rivers State, the former Rivers governor recorded one of the biggest margins of the election, polling 115,650 votes against Atiku’s 912 votes. He also defeated the former vice president in Bayelsa with 21,404 votes to 1,470 and in Delta with 35,325 votes to 10,023.
Mr Hayatu-Deen failed to win any state but posted notable numbers in Borno, Benue, Adamawa, Katsina, and Niger states.
With Mr Abubakar’s emergence, this will be his seventh opportunity to win the coveted presidency after running in 1993 under the Social Democratic Party (SDP) presidential primaries, 2007 as the Action Congress (AC) presidential candidate, and 2011 under the Peoples Democratic Party (PDP).
In 2015, he contested the All Progressives Congress (APC) presidential primaries, losing to the late eventual winner Muhammadu Buhari, and then returned as the PDP presidential candidate in 2019 and 2023.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revealed that credit extended to the government rose by 65.6 per cent year-on-year to N39.6 trillion in April 2026 from N23.9 trillion in April 2025, driven by increased borrowing to finance the 2026 budget deficit.
In its latest Money and Credit Statistics, the apex bank showed that the federal government increased borrowing from domestic investors by 7.4 per cent to N8.1 trillion in the first quarter of 2026 from N7.5 trillion in the same period of 2025.
The CBN data also showed that credit to the private sector rose by 3.25 per cent to N80.6 trillion in April 2026 from N78.06 trillion in April 2025.
Consequently, net domestic credit rose by 17.8 per cent to N120.2 trillion in April 2026 from N102 trillion in the corresponding period last year.
Following the same trend, Nigeria’s broad money supply (M2) increased by 4.8 per cent YoY to N124.98 trillion in April 2026 from N119.2 trillion recorded in April 2025, reflecting improved liquidity in the financial system.
Further breakdown of the money supply components showed that currency outside banks declined by 12.2 per cent to N5.08 trillion in April 2026 from N5.7 trillion in the corresponding period of 2025, indicating increased use of banking channels and electronic payment systems.
However, demand deposits (current accounts) increased by 6.3 per cent to N38.7 trillion from N36.4 trillion during the review period.
Also, quasi-money increased by 3.8 per cent to N81.2 trillion in April 2026 from N78.2 trillion in April 2025. Quasi money includes money in savings accounts, time deposits, treasury bills and other money market instruments.
Narrow money, which includes currency in circulation and current accounts, also grew by 7.09 per cent to N43.8 trillion from N40.9 trillion.
This comes as the federal government plans to borrow N29.2 trillion to fund the gap between the revenue of N68.32 trillion and expenditure of N36.87 trillion, according to the Appropriation Act 2026.
By Adedapo Adesanya
The Lagos State government said it has empowered over 1,000 creatives through the Skill Up Lagos initiative to build sustainable livelihoods for the upcoming artists and accelerate economic growth in the state.
The Special Adviser to the Lagos State Governor on Tourism, Arts and Culture, Mr Idris Aregbe, disclosed this while fielding questions from journalists during the 2026 Ministerial Press Briefing in Alausa, noting that over the last 24 months, his office has empowered more than 1,000 creatives through the Skill Up Lagos Initiative, channelled through the Lagos Cultural Mission.
He explained that the programme creates a structured platform for upcoming artists, designers, performers, and cultural entrepreneurs to acquire skills, gain visibility, and build sustainable livelihoods from their creativity.
‘’This is governance with a human face, investing directly in the people who give Lagos its soul,” Mr Aregbe said.
He said the Cook Lagos, Eat Lagos, a landmark gastronomy initiative, conceived and driven by his office, has helped to redefine how the world experiences Lagos through food.
Mr Aregbe added that, “The Lagos Cultural Mission is the overarching framework through which the Office of the Special Adviser drives cultural diplomacy, arts development, and creative economy programming.
“From international partnerships to domestic cultural celebrations, from art tours to diplomatic engagements, every programme feeds into the singular mission of establishing Lagos as Africa’s cultural capital.
“This initiative places Lagos cuisine on the global tourism map, celebrating local culinary traditions while creating economic opportunities for food vendors, chefs, agro-entrepreneurs, and hospitality businesses.
“Structured across three integrated pillars: Cook Lagos, Eat Lagos, and Grow Lagos. The initiative drives culinary education, food tourism, and agricultural enterprise simultaneously.’’
The Special Adviser said in the year under review, the ancient and beloved Kayo-Kayo Festival of Epe returned in full colour in July 2025, drawing over 1,000 participants in celebration of the community’s cultural heritage, ancestral pride, religious identity, and communal unity.
“The festival stands as one of Lagos’s most authentic cultural expressions, a symbol of resilience and harmony that has endured across generations.
“The Office of the Special Adviser brought fresh energy to the occasion by mobilising travel enthusiasts and tourism influencers to shine a spotlight on Oja Chief, the historic fish market at the heart of the festival.
“In a remarkable community-centred intervention, the office coordinated free fish delivery to the doorsteps of customers, directly boosting the commercial earnings of the women traders at the market and demonstrating the ministry’s commitment to inclusive tourism that uplifts livelihoods.’’
He mentioned that the Beauty in Motherland programme brought a celebration of Africa’s beauty industry at its most ambitious state.
According to him, the Beauty in Motherland positioned the African beauty sector on the global map, drawing over 500 vendors and beauty professionals to an electrifying B2B session that generated real commercial connections and industry momentum.
“The Office of the Special Adviser also proudly supported the extraordinary three-day Beauty Festival and Guinness World Record attempt by Natacha Akide, who achieved the remarkable feat of completing 82 makeovers in 8 hours and 143 makeovers in 24 hours. This was Lagos at its most boundary-breaking.
“The office also threw its weight behind the Adekunle Gold Fuji Album Launch, a cultural moment that bridged contemporary Afrobeats with the classical roots of Fuji music, celebrating the richness of Lagos’s musical heritage.’’
He said in March 2026, the ministry, through the Office of the Special Adviser, celebrated 19 remarkable women who have shaped the arts and cultural landscape of Lagos.
“Each recipient received a formal commendation letter acknowledging their trailblazing contributions to the creative space. This gesture was not ceremonial; it was a deliberate act of governance that uplifts the women who form the backbone of Lagos’s cultural identity,’’ he said.
Mr Aregbe added that one of the most defining features of this office’s approach is its conviction that culture and commerce are not competing forces.
He said under his watch as the special adviser, the ministry built a series of powerful public-private partnerships that use the energy of Lagos culture to drive real economic outcomes for traders, entrepreneurs, and small businesses.
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