Weakening consumer confidence in the country has been attributed to the inability of fiscal and monetary policy authorities to align policies, Lampe Omoyele, the Managing Director, Nitro 121, has said.
Discussing consumer confidence in 2021, he noted that despite several interventions to stabilize the economy, the impact on the consumers has been minimal because the monetary policy space has dominated it.
Omoyele believed it was time for the government to look at fiscal expansion to align with monetary interventions. He stated that consumers in Nigeria were currently experiencing a challenging phase of their livelihood because of a general decline in disposable income.
“There is an erosion of consumer confidence in the country, due to high inflation and devaluation of the currency. This has led to a decline in consumer demand in the country”. He added.
Assessing the socio-economic situation in the country, he noted that consumer confidence has declined because of the pressures on their income and their ability to spend money on essential commodities.
He also stated that since the COVID 19 pandemic, consumers have also expressed concerns over health and safety in the country. These challenges, coupled with the economic issues, have piled pressure on them.
