For di first half of 2023, Nigerians don spend N61.08 trillion on food, household items, and services, according to di National Bureau of Statistics (NBS).
Dis na 2.85 per cent increase from di N59.39 trillion wey dem spend for di same period for 2022 at current purchasers’ value.
According to di ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach): Q1, Q2’, household consumption still dey hold di largest share for di country Gross Domestic Product (GDP), according to NBS.
Di report talk say, “Household Consumption Expenditure, for Q1 and Q2 of 2023, grow by -24.95 per cent and 3.30 per cent in real terms, year-on-year. Di growth rates for Q1 and Q2 of 2023 no reach di rates wey dem record for Q1 of 2022 but e pass Q2 of 2022.”
Household consumption expenditure include di expenses, including imputed expenses, wey residents households spend on individual consumption goods and services, according to NBS.
Dem still talk say, “Household Consumption account for di largest share of real Gross Domestic Product at market prices, wey be 57.18 per cent and 64.05 per cent for Q1 and Q2 of 2023 respectively. Dis one pass di percentages wey dem get for di same quarters for 2022.”
In 2020, di real household consumption expenditure drop for Q1 and Q2 sake of di pandemic. But from Q3 of 2020, dem see positive growth rates as di economy dey recover from di pandemic. Di growth come dey negative from Q2 of 2022 reach Q1 of 2023 sake of rising prices, cash scarcity, and bad economic conditions.
For di first quarter of 2023, Nigeria GDP grow by 2.31 per cent on a year-on-year basis sake of cash scarcity for di economy. For Q2, GDP growth increase small reach 2.51 per cent.