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Financial decision-maker sentiment: Nigeria

An ongoing look at how the attitudes of financial decision makers in Nigeria are evolving during the COVID-19 pandemic.

Almost all financial decisions makers in Nigeria view the current state of the economy as neutral or weak. Though most consumers rate their current financial situation as weak or somewhat weak, more than half expect it to improve in three months. Job security concerns exist for 60 percent and household income and savings have decreased over the past month for the majority. Sentiment towards banks during the crisis is net negative and consumers would like more ease securing a line of credit. Mobile payments like Momo have seen an increase in usage while checks and credit cards are being used less.

About the author(s)

John Euart is an associate in in McKinsey’s New York office, where Michael Panek is a specialist, Francois Jurd de Girancourt is partner the Casablanca office, and Frederick Twum is a partner in the Lagos office.

The authors would like to thank Harshit Gupta and Lakshay Piplani for their contributions to this article.

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