Published On: Wed, Apr 12th, 2017

Optimism grows around Nigeria economic resuscitation

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Consumer Confidence Index (CCI)LAGOS, (CAJ News) – NIGERIANS are optimistic about the state of the economy and positive of measures taken by authorities to reverse fiscal decline.
This is according to findings by polling agencies, indicating a rise in consumer confidence indices in recent weeks.
NOIPolls, the surveyors, reported its Consumer Confidence Index (CCI) experienced a 4,6-point increase to stand at 62,7-points in the first quarter of the current year.
The Consumer Confidence Index is an indicator designed to measure the
amount of optimism that consumers have on the state of the economy which is usually expressed by either spending or saving.
NOIPolls said the current figure indicated that consumers’ degree of confidence about the overall state of the economy in relation to their personal financial situation may have slightly improved.
“ There is no doubt that the intervention of the Central Bank of Nigeria in the foreign exchange market has influenced the general positive attitude of consumers; given that consumers rationally base their decisions on the general outlook of some economic variables such as, inflation rate, interest rate, exchange rate and unemployment rate.”
The apex bank has been channeling foreign currency into the market since the beginning of the year in a move aimed at scuttling the black market.
The CCI involved telephone interviews of a random nationwide sample. A
total of 3 000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed.
The survey came amid plans by the country to diversify its economy from oil, an industry suffering upheavals in the global markets.
An overeelianceon oil is thus blamed for the prevailing economic challenges in Africa’s biggest economy and most populous country.
CAJ News

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