Nigerians spent N108.47 trillion on household consumption in nominal terms in 2021, according to the National Bureau of Statistics.
The amount is larger than the N97.72 trillion reported in 2020, representing an increase of 11% despite double-digit inflation. The National Bureau of Statistics revealed this in its latest Expenditure and Income Gross Domestic Product report, which was released on Wednesday.
Household spending accounted for the largest share of expenditure GDP, according to the report. Household consumption expenditure comprises imputed expenditure on individual consumption items and services by resident households.
Household consumption expenditure was N25.62 trillion in the first quarter of 2021 but dropped to N24.28 trillion in the second quarter. Q3 2021 saw an increase to N28.53tn, followed by a further increase to N30.04tn in Q4 2021.
The survey also revealed that in nominal terms, the third and fourth quarters of 2021 saw increases of 10.92 per cent and 6.12 per cent, respectively.
“In nominal terms, household final consumption spending climbed by 10.92 per cent in Q3 and 6.12 per cent in Q4 2021,” according to the research. In 2021, an annual growth rate of 11.00% was recorded. This year’s growth rate was 20.59 percentage points lower than the previous year’s, which was -9.59 per cent.
“On a quarter-on-quarter basis, growth was recorded at 17.53 per cent in Q3, and 5.29 per cent in Q4 2021, compared to the preceding year’s of 22.58 per cent, and 10.05 per cent in the corresponding quarters. 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″.
Recall that, The January 2021 report of the National Bureau of Statistics have revealed that Nigerians paid more for fuel in the month of January 2021 compared to the preceding month of December 2020.
According to the records made available by the Bureau in its monthly report, the price paid by consumers for Premium Motor Spirit (PMS) increased by 12.88 per cent. A breakdown of this figure indicates that the average price paid by the consumers for premium motor spirit (otherwise known as Petrol) increased by 12.88 per cent year-on-year and decreased month-on-month by -0.97 per cent to N164.09 in January 2021 from N165.70 in December 2020.