Household Consumption Spending Rises To N108trn -NBS

The National Bureau of Statistics (NBS) says the sum of N108.47trillion was spent by Nigerian households for consumption in nominal terms in 2021.
This is an increase, compared to the N97.72trillion recorded in 2020, showing an increase of 11 per cent amid double-digit inflation.
In its recent Expenditure and Income Gross Domestic Product (GDP) report, the NBC disclosed that the household consumption accounted for the biggest share of the expenditure GDP.
According to the record, household consumption expenditure includes imputed expenditure incurred by resident households on individual consumption goods and services.
In the first quarter of 2021, household consumption expenditure was N25.62trillion, dropping to N24.28trillion in Q2 2021.
An increase to N28.53trillion was recorded in Q3 2021, and a further increase to N30.04trillion in Q4 2021.
The report further disclosed that in nominal terms, there was a 10.92 per cent and 6.12 per cent increase in the third quarter and last quarter of 2021, respectively.
”In nominal terms, household final consumption expenditure grew by 10.92 per cent in Q3, and 6.12 per cent in Q4 2021. The annual growth rate of 11.00 per cent was recorded in 2021. This growth rate was lower by 20.59 percentage points than figure recorded in the previous year which stood at -9.59 per cent.
“Household consumption accounted for 70.85 per cent of real GDP at market prices in Q3 2021, and 71.35 per cent in Q4 2021”, it stated.

By: Corlins Walter