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

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now