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Nigeria’s household spending rose to N54.8tr in H1 2021 – NBS

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Nigerians’ household expenditure rose to N54.84 trillion in nominal terms in the first half of this year.

The National Bureau of Statistics (NBS) disclosed this in its Expenditure and Income Gross Domestic Product (GDP) report released on Monday.

The figure, according to the bureau, was 13.7 percent higher than the N48.22 trillion recorded in the corresponding period of 2020.

However, it was 7.45 percent lower than the N59.25 trillion spent by Nigerian households in the second half of last year.

Household final expenditure consists of spending on individual consumption of goods and services.

READ ALSO: Nigeria’s household consumption dropped by N1.6tr in 2020

A further breakdown showed that household final expenditure on consumption increased by 8.90 percent and 19.08 percent in Q1 and Q2 respectively.

The annual growth rate of -0.57 percent was recorded in 2020.

This growth rate was lower by -10.42 percent points than the figure recorded in the previous year which stood at 9.85 percent.

The report also revealed that household consumption accounted for the largest share of real GDP at market prices which stood at 53.68 percent and 51.82 percent in Q1 and Q2 2020 respectively.

These were lower than 76.83 percent and 72.88 percent posted in the corresponding quarters of 2021.

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