Connect with us

Markets

Consumer Confidence Projected to Rise in Q4

Published

on

consumer goods
  • Consumer Confidence Projected to Rise in Q4

The Central Bank of Nigeria’s (CBN) Consumer Expectation Survey (CES) has predicted a positive outlook for next quarter as well as the next 12 months.

Specifically, the index projected 24.7 and 30.1 points for next quarter and the next 12 months respectively.

The outlook, which was contained in the third quarter Consumer Confidence, attributed the Q4 projection to expected increase in net household income as well as the anticipated improvement in Nigeria’s economic conditions and expectations to save a bit and/or have plenty over savings in the next 12 months.

Most respondents expected prices of goods and services to rise in the next 12 months, with an index point of 16.7 points.

The major drivers were: transportation, education, medical care, electricity, house rent, and telecommunications.

The overall buying conditions index for consumers last quarter for big ticket items stood at 35.1 points.

This indicated that majority of consumers believed that last quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles, among others.

“Overall buying intention index in the next twelve months stood at 46.4 index points, indicating that majority of consumers do not intend to buy these items in the next 12 months.

“The buying intention indices for motor vehicle and house & lot were below 50 points, indicating that respondents have no plans to purchase motor vehicles and houses in the next twelve months.

“However, the index for consumer durables stood above 50, indicating that respondents have plans to purchase furniture, gas cooker and electronics in the next twelve months,” it added.

It further noted that with indices of -2.6 and 16.4 points, consumers expected borrowing rate to fall while the naira was expected to appreciate in the next 12 months.

The unemployment index for the next 12 months remained positive at 25 points in Q3 2018, indicating that majority of the consumers expect the unemployment rate to rise in the next 12 months.

The CES for Q3 2018 was conducted during the period September 24 – October 4, 2018, covering a sample size of 1,770 households drawn from 207 Enumeration Areas (EAs) across the country, with a response rate of 96.9 per cent.

Respondents’ distribution by educational attainment showed that 14.8 per cent had university education, 14.8 per cent had higher non-university education, while 26.8 per cent had senior secondary school education. Respondents with junior secondary and primary school education accounted for 6.8 and 18.9 per cent, respectively, while those with no formal education accounted for the balance of 17.9 per cent.

The consumers’ overall confidence outlook improved in Q3 2018, as more consumers were optimistic in their outlook.

The index at 1.5 points was 12.0 points higher than the index in the corresponding period of 2017. Some respondents attributed this favourable outlook to improved economic condition.

The overall consumer confidence index was computed as the average of the three indices, namely: Economic Condition, Family Financial Situation and Family Income.

Economic Condition refers to the perception of the respondent regarding the general economic condition of the country.

Financial Situation refers to the level of savings, investments, other assets including cash at hand and outstanding debts.

Family Income includes primary income and receipts from other sources received by all family members as participants in any economic activity or as recipients of transfers, pensions, grants, and the like.

The confidence index or diffusion index is computed as the percentage share of respondents that answered in the affirmative less the percentage share of respondents that answered negative in a given indicator.

A positive CI indicates that respondents with a favourable view outnumber those with an unfavourable view, except for unemployment, change in prices and interest rate for borrowing money, where a positive CI indicates the opposite.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

Published

on

power project

The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

Continue Reading

Energy

Darkness Falls Again: TCN Explains Latest National Grid Collapse

Published

on

The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

Continue Reading

Energy

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

Published

on

Gas-Pipeline

The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

Continue Reading

Trending