Nigeria’s household consumption for 2020 dropped by ₦1.6 trillion, according to the National Bureau of Statistics’ latest Gross Domestic Product report (Expenditure and Income Approach) report released.
The statistics agency said total household consumption dropped from ₦108 trillion in 2019 to ₦106.4 trillion in 2020.
Consumption expenditure is an important indicator in measuring economic growth of Nigerians. In 2020, Nigeria spent less due to the twin effects of the COVID-19 pandemic and a recession.
Quarter-on-quarter, household consumption expenditure surged by 38.85 percent in Q3 and 20.76 percent in Q4 2020 to make up somewhat for sharp falls in the first half of the year.
In the first quarter of the year, household consumption was a mere ₦25.4 trillion, falling further to ₦22.81 trillion in the second quarter.
By the third quarter, spending picked up to ₦28.1 trillion and the traditional boost of the holiday season saw spending hit ₦30.2 trillion in the fourth quarter.
Other highlights from the report showed that consumption expenditure of non-profit institutions serving households rose by 212.36 percent from ₦552.4 billion in 2019 to ₦924.8 billion last year.