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Oil woes diminish Nigeria's ratings

08 March 2016, 21:37Okoro Chinedu

Lagos – Nigeria has lost its status as the most prospective markets for investors in the continent, owing to deteriorating macro-economic indicators as a result of a slump in commodity prices.

According to the latest of Nielsen's second Africa Prospects Indicators (APi) report, released Tuesday, Nigeria has dropped from top position attained in 2015 to fourth.

Ivory Coast has replaced Nigeria at the top. Kenya and Tanzania climb the overall rankings to second and third place respectively. Angola is fifth.

Surveyors attributed Nigeria’s drop mostly to the falling oil price.

“In addition, the consumer indicators and overall confidence levels have followed suit,” said Nielsen Africa Managing Director Allen Burch.

He said despite this, Nigerians continued to be some of the most optimistic consumers on the continent, with more positive sentiment for their job prospects and personal finances, even though immediate spending intentions and levels of spare cash are more strained.

Nielsen Africa said as Nigerian consumers felt the effect of rising inflation on their basket of goods, there had been a discernible decline in their perception that the current time is a good time to buy the goods they need.

Also read: Nigeria to break state oil firm into 30 companies

This has, however, not diminished their desire to try new products.

In fact, almost 80 percent of Nigerians are willing to consider new products that offer greater value for money or affordability.

The Africa Prospects Indicator report comprises information from proprietary Nielsen data and non-proprietary sources on a quarterly basis.

Multiple datasets are collected across the Macro Economic, Business, Consumer and Retail dimensions.

Comparable, country level datasets are analysed and factored, first within each dimension and then equally combined to obtain an overall country rank.

Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers watch and buy. 

- CAJ News

Tags nigeria oil

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