Nielsen’s Consumer Confidence Index notes growth in Nigeria and Ghana

The global data and information firm, Nielsen, has released the results from its final quarter of 2017 West Africa Consumer Confidence Index (CCI).

The findings indicate that both Nigeria and Ghana showed positive growth, rising five and eight points respectively, reaching 122 and 120.

Ghana’s CCI increase is anticipated to be linked to job prospects, with 69% of locals believing the state of their prospects in the next 12 months to be either “Good” or “Excellent”.

The quarter’s high percentage is the highest since the first quarter of 2014, and 9% higher than the third quarter of last year.

Ghanaian’s perceptions of personal finance being either “Good” or “Excellent” in the coming 12 months also grew, reaching 79%.

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It is believed the nation-wide perceptual growth could be due to the oil and gas sector’s recovery, as well as the agricultural industry and monetary policies.

Regarding the same job prospects and personal finances categories, Nigeria also noted growth – increasing 3% to reach 65%, and increasing 9% respectively.

“The economic outlook in both Ghana and Nigeria is turning positive, spurred by a recovery in non-oil sectors, healthier agricultural production, favourable monetary policies, and a slight easing in inflationary pressures,” stated Abhik Gupta, Managing Director of Nielsen West Africa Maghreb.

“This positive attitude is also seen in the consumer confidence level, which has risen quarter on quarter. Overall the economy is expected to inch forward in a positive direction, with growing optimism translating into consumption.”