General
Study Reveals Top Concerns of Nigerian Consumers
A report by Nielsen Holdings Plc has revealed that the Consumer Confidence Index (CCI) for West Africa presented a more positive picture in the fourth quarter of 2020.
In the NielsenIQ CCI, it was disclosed that Nigeria and Ghana recorded a slow by improved readings in the period under despite the devastating effect of COVID-19 pandemic on their respective economy.
While Nigeria had an index of 114, Ghana recorded 123 and according to the West African Managing Director of NielsenIQ, Nigeria, as the largest economy on the continent, “has managed to keep its COVID-19 infection rate relatively low in proportion to its 206-million population.
“However, its macro-economic prospects have been dampened by lower oil prices, increased food prices and rising inflation, together with a 50 per cent VAT increase in 2020. Despite these challenges, Nigerian consumers remain upbeat about their prospects.”
In the report, it was stated that there has been improved confidence around job prospects, with 58 per cent of consumers saying they will be good or excellent in the next 12 months – a 3-point increase from the previous quarter.
In terms of the state of their finances over the next 12 months, 78 per cent say they will be excellent or good, showing a substantial 11 point increase from the previous quarter.
Nigerians’ propensity to purchase has unfortunately seen a 13 point decrease to just 27 per cent of Nigerians who think now is a good or excellent time to purchase what they want or need, the study showed.
In terms of whether they have spare cash left after paying for essentials, 26 per cent of Nigerians say yes, down seven points from the previous quarter.
Once they meet their essential living expenses, however, the highest number of consumers (78 per cent) put their spare cash into savings, followed by 73 per cent who spend it on home improvements and 61 per cent who invest in stocks and mutual funds.
Squeezed wallets
Despite their more positive medium to long term outlook, their wallets remain tight with 80 per cent of Nigerians saying they have changed their spending to save on household expenses compared to this time last year.
To reduce expenses, the highest number of consumers (73 per cent) said they have deferred the replacement of major household items, 63 per cent are spending less on out of home entertainment and 56 per cent less on at-home entertainment.
Looking ahead, the top Nigerian consumer concerns over the next 12 months are their children’s education and welfare at 22 per cent, increasing food prices (16 per cent) and the economy at 11 per cent.
Within this context, these drops reflect consumers’ confidence in the macro picture in terms of food inflation and overall economic performance.
A subdued outlook
Looking at Ghana’s performance, increased consumer confidence during the last two quarters has seen its overall index rise to 123.
Fortunately, Ghanaians are still fairly optimistic in terms of their job prospects with 67 per cent saying they will be good or excellent in the next year. In terms of the state of their finances over the next 12 months, 74 per cent say they will be excellent or good
Ghanaians propensity to purchase has also seen a considerable decrease half think now is a good or excellent time to purchase what they want or need.
Only 46 per cent of Ghanaians say they have spare cash and once they meet their essential living expenses, the highest number of consumers (68 per cent) put their spare cash into savings.
This is followed by 57 per cent who say they invest in shares and mutual funds and 56 per cent on home improvements.
Curtailed spending
When asked whether they had changed their spending to save on household expenses compared to this time last year, 73 per cent of Ghanaians said yes.
To reduce expenses, the highest number (49 per cent) said delaying the replacement of major household items followed by 48 per cent spending less on new clothes and 47 per cent less on out of home entertainment.
When looking at the real-life factors that are affecting their outlook, the top consumer concern over the next 12 months is work/life balance (12 per cent), followed by increasing food prices, job security and tolerance towards other religions – all at 11 per cent.
Looking at the future outlook for Ghana, Nooy comments; “Ghana is likely to outperform the regional economic growth average in 2021 which bodes well for increased domestic demand and consumption levels.
“To benefit from these improved circumstances retailers will need to meet radically altered consumer, demands, needs and behaviours that will impact where they shop, what they buy, why they buy and how much they are willing to spend.”
By Aduragbemi Omiyale
In order to aid alternative and sustainable means of livelihood amid rising food prices and growing concerns over food security in Nigeria, the Ibese Plant of Dangote Cement Plc has handed over a state-of-the-art garri and fufu processing plant to the Kajola host community in Ewekoro Local Government Area of Ogun State.
The facility is expected to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.
According to the organisation, the project, delivered under the Community Development Agreement (CDA) with its host communities signed in 2022, is a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.
The Ibese Plant Director, Mr Ayyagari Subbaraidu, at the commissioning, said, “This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community.”
He disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure, adding that it will serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.
The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.
The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, who was at the unveiling of the project, said it aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.
The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions.”
He urged the community to safeguard the facility and assured residents of the continued support of the state government towards agricultural development and food security.
“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.
By Adedapo Adesanya
The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.
“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.
It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.
The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.
The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.
It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.
The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.
By Aduragbemi Omiyale
A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).
The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.
In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.
As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.
Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.
Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.
He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.
The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.
Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.
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