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 Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
