Business
Declining Economic Condition Worsens Consumer Confidence – CBN

The Central Bank of Nigeria (CBN) says consumers’ overall outlook was negative in the first quarter of 2020, as consumers were pessimistic in their outlook.
The Statistics Department of the CBN revealed in its Consumer Expectations Survey Report for Q1 2020, however that consumers had a positive outlook for the next quarter and the next 12 months.
Part of the report stated, “The consumers’ overall confidence outlook dipped in Q1 2020, as consumers were pessimistic in their outlook.
“The index at -0.3 point was 5.1 points lower than the index in the corresponding period of 2019.”
Respondents attributed this unfavourable outlook to declining economic conditions.
The consumers were, however, optimistic in their outlook for the next quarter and next 12 months with indices of 28.9 and 43.3 points, respectively.
It stated that this positive outlook could be attributed to the expected increase in net household income, expectations to save a bit and/or have plenty over savings and an anticipated improvement in Nigeria’s economic conditions in the next quarter and the next.
The CBN stated that most respondents expected prices of goods and services to rise in the next 12 months, with an index of 22.9 points.
The major drivers were medical expenses, education, telecommunication, savings, purchase of houses, and food and other household needs, it added.
It stated that the overall buying conditions index for big-ticket items in the current quarter stood at 24.4 points.
This indicated that majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles and house and lot.
Overall buying intention index in the next 12 months stood at 32.5 index points, indicating that most consumers did not intend to buy big ticket items in the next 12 months.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
Sports5 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports5 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports5 days ago
NPFL club name Iorfa new GM
-
Sports5 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports5 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports5 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports5 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension