In the initial half of 2023, Nigerians expended N61.08tn on food, household items, and services, marking a 2.85% rise from the N59.39tn spent in the same period of 2022 at the current purchasers’ value, according to the National Bureau of Statistics.
Household consumption remains the leading contributor to the country’s Gross Domestic Product (GDP), with a share of 57.18% and 64.05% in Q1 and Q2 of 2023, respectively.
The report indicates that household consumption expenditure experienced a real growth rate of -24.95% in Q1 and 3.30% in Q2 of 2023, demonstrating a fluctuating trend compared to the corresponding quarters in 2022.
The decline in growth rates from Q2 2022 to Q1 2023 is attributed to factors such as rising prices, a cash crunch, and challenging economic conditions.
Despite these challenges, Nigeria’s GDP recorded a 2.31% year-on-year growth in Q1 and a slight increase to 2.51% in Q2 of 2023.
