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The MasterCard Worldwide Index of consumer confidence has revealed that 91.4  per cent of Nigerians have strong optimism and confidence in the country’s economy overall.

A report showed that the index was based on a survey on five economic indicators: Economy, Employment, Stock Market, Regular Income and Quality of Life.

Country Manager, West Africa, MasterCard Worldwide, Omokehinde Ojomuyide, said:  “Nigerians remain one of the most optimistic groups of consumers among those surveyed by MasterCard on the continent, with an Index score of 91.4 points in this latest set of results – over 12 points higher than the average of the five African countries surveyed.

“The high level of confidence in Nigeria’s economy held by its citizens is also supported by the International Monetary Fund (IMF) that believes booming oil prices and an ambitious reform agenda have helped Nigeria ride the worst of the global economic downturn. The IMF has forecasted Nigeria’s Gross Domestic Product (GDP) to grow by 6.9 per cent in 2012.”
However, the report showed that the Stock Market Indicator declined.

Commenting on the stock market indicator, Ojomuyide said: “Even though the stock market indicator shows a noticeable decline and should not be dismissed, the current score is still very optimistic, with nearly seven out of ten respondents expecting the Stock Market to improve in the coming months, and a further 13 per cent expecting it to remain consistent.”

Ojomuyide added: “The highest level, which the Nigerian consumer confidence reached was in the second half of 2011 at 96.4 points –which was one of the highest recorded levels of consumer confidence in the 25 markets surveyed at the time.