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
“In addition, the consumer indicators and overall
confidence levels have followed suit,” said Nielsen Africa Managing Director
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
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
are collected across the Macro Economic, Business, Consumer and Retail
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