Lagos- Nigeria (PANA) -- Nigerian consumer demands during the current holiday season is down by about 15 per cent, due to a combination of several economic factors, the local Businessday newspaper reported Wednesday.
Worries about the global financial crisis, reduction in remittances from Nigerians living abroad, downturn in the fortunes of the local capital market and perhaps the with-holding of bonuses to workers by some companies were identified as reasons for the low demand by consumers.
The paper quoted Mr.
Keith Richard, Managing Director of Promasidor Nigeria Limited - a dairy and beverage firm - as saying consumer demand was down from about 15 per cent in October to 10 per cent in November.
Also, remittances from Nigerians abroad, which had been growing steadily from US$6.
5 billion in 2005 to US$10.
5 billion in 2006 and US$17.
9 billion in 2007, has started falling due to the global financial crisis.