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Survey Shows Sustained Rise in Consumer Confidence

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consumers
  • Survey Shows Sustained Rise in Consumer Confidence

The NOI Polls has put the level of its Consumer Confidence Index (CCI) for second quarter 2017 at 64.8-points.

This represented an increase of 2.1-points when compared with 62.7-points obtained in the first quarter of 2017.

The Consumer Confidence Index reveals consumers’ tendencies to spend, which is directly proportional to their expectations for a general improvement in the country’s economic conditions, employment opportunities, personal financial strength and stability in the prices of goods and services.

According to the survey, the slight leap in the confidence of consumers in Nigeria could have influenced their propensity to purchase with a degree of optimism about the overall state of the economy.

This optimism could be linked to some improvements in policies in recent times which have propelled the nation’s economy into the path of recovery in Q2, 2017, although, in a slow pace.

Some of the policies include improvement in foreign exchange, Ease of Doing Business, the Executive Orders, amongst others according to The Business Confidence Monitor (BCM) that was released recently by the Nigerian Economic Summit Group (NESG) recently.

In addition, the report showed that there were two variables that make up the CCI- the Present Situation Index (PSI) and the Expectation Index (EI).

The PSI and the EI both experienced an increase of 3.8-points and 0.9-point respectively when compared to the result obtained in Q1, 2017.

In February 2014, NOI Polls introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI).

Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behaviour, the economy, and the business environment in Nigeria.

Furthermore, the NOI Polls’ Current Economic Situation Index increased from 39.5-points in Q1, 2017 to 42.2-points in Q2, 2017. Although this index experienced an increase of 2.7-points, it still indicates that consumers are somewhat not satisfied with the country’s Current Economic Situation.

“The Expectation of the Country’s Economic situation index is one of the highest indices and it increased by 0.9-point from 93.5-points obtained in Q1, 2017 to stand at 94.4-points. This portrays a high optimism about the improvement in the country’s economic situation.

“The Current Employment Condition improved from the average (50-points) position in Q1, 2017 to stand at 53.4-points in Q2, 2017 representing a significant 3.4-points increase.

“The Expected Employment Condition Index remained the same (98.4-points) as the result obtained in Q1, 2017, signifying that Nigerians are still optimistic in terms of their expected employment condition,” it added.

In addition, it showed that the Current Prices of Goods and Services Index experienced the highest increase of 5.3-points in this quarter to stand at 18.8-points from 13.5-points recorded in Q1, 2017. Though, it remained the lowest index, the increase observed in Q2, 2017 revealed negativity in the country’s market developments, meaning that prices of goods and services are increasing.

Also, the Expectation of Prices of Goods and Services Index increased by 3.6-points from 76-points in Q1, 2017 to stand at 79.6-points in Q2, 2017 and this shows that consumers are optimistic that there will be a reduction in prices of the goods and services in the future.

The Expected Total Family Income Index was the only variable that experienced a decline of 0.8-point to stand at 67.1-points. This assumes that consumers are, to some degree, skeptical about their expected total family income which is capable of weakening the spending powers of consumers.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Brands

Union Bank Unveils Multi-Asset Trading Platform M36

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Union Bank Unveils Digital Investing Platform, M36

A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria.

Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products.

M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers.

In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access to information, M36 is looking to expand opportunities for investors at all levels, while also simplifying the process of investing.

M36 was developed by Union Bank as part of its strategic focus on delivering superior customer solutions leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

Speaking about this, Mr. Chuka Emerole, Head, Treasury at Union Bank said, “M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.

“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives.

“We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace”.

With the 24-hour concierge service, M36 users can access round-the-clock support from investment advisors as they actively manage their portfolios.

The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.

The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its Life Essentials menu.

 

M36 is available for download on the App Store and the Google Play Store.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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