What is the consumer outlook for Nigeria?

Last week, we began by updating our energy tracker with the latest official data from the Nigerian National Bureau of Statistics (NBS). You can now view and download data on changes in Nigeria's energy landscape, focusing on four key commodities: petrol, diesel, cooking gas, and kerosene.

We also delved into the long-term consumer spending outlook for the Nigerian economy. Specifically, we analysed an intriguing paradox revealed by the Stears Approval Rating: why Lagos residents are pessimistic about the present while remaining hopeful for the future. You can learn more about this here.

Furthermore, we looked closely at the challenges and potential consequences of President Tinubu's historic 48-member cabinet. We examined trends from previous cabinets and discussed the implications for this new cabinet, including its potential cost and constitutional aspects. You can find an in-depth analysis of this topic here.

Shifting our focus to Pan-African coverage, we provided a comprehensive overview of Kenya's debt dilemma. Like many other African nations, Kenya took loans to enhance its infrastructure, address budget deficits, and carry out various projects. However, the economy has struggled to recover as anticipated due to growth-restricting challenges. The country is now attempting to prevent debt default through the recent Finance Act, which aims to increase taxes for businesses and consumers. We discussed our hypothesis on the effectiveness of this approach in more detail here.

Lastly, we explored the consequences of Kenya's latest Monetary Policy Committee (MPC) decision for businesses and consumers. Click here to understand the implications of Kenya's MPC decision for its overall economy.