Nigeria, Africa's most optimistic market - MasterCard survey

The MasterCard Worldwide Consumer Confidence Index, which is released twice a year and has for the first time included three African countries, said Nigeria's overwhelming consumer optimism comes as a result of scores of between 90.0 and 96.6 for four of the five measurement indices.

The survey, which was based on economy, unemployment, stock market, quality of life and regular income, said however that Nigeria's lowest indicator is its stock market.

With a population of 130 million, Nigeria is Africa's most populous nation and it is believed that the country has become the primary investment target of foreign companies due to its size of market.

Roelof Botha, independent economic advisor, said: "Where in the world is the country going to get a positive growth if its population continues to shrink? You tell me why Japan should get huge positive growth if its population continues to decline?

"Take the SADC region for instance. We have a population of 250 million people - the third most populated region in the world and it is huge!

In stark comparison, Kenya scored a pessimistic 47.9, the lowest out of the four African markets surveyed.

"Kenyans are only marginally optimistic about their stock market, scoring 51.4 and slightly more optimistic about earning a regular income - with a score of 61.7," Anthony West, general manager of MasterCard Worldwide, said.

The survey said with scores of 40.1, 43.5, and 42.7 for quality of life, economy and unemployment respectively, Kenya has the second-lowest consumer confidence score across the APMEA region, trailed only by Japan's score of 24.4 and narrowly falling behind the Philippines' score of 49.7.

Morocco's score of 66.1 is relatively positive. While employment, economy, stock market and quality of life all scored between 60.8 and 64.0, Morocco's regular Income index is the most optimistic with a score of 80.7.

"When compared to results from the rest of the region, the African markets surveyed displayed resilience in the face of the past recession, however they are not showing as much of a speedy recovery in consumer confidence," West explained.

"It is encouraging that the total score for the African markets surveyed (66.4) is on par with that of the Asia/Pacific region (66.3)," Botha said.

He added: "There is a lot of business ventures going on now in sub-Saharan Africa, and I have no doubt that business in Africa is expanding and will expand as the global economy recovers.

"Although the African markets lag behind those in the Middle East (74.5), the latter region's scores have been influenced by the relatively high level of optimism in Qatar, Saudi Arabia and the United Arab Emirates, all of whom are benefiting from the strong increase in oil price since April 2009."