The National Bureau of Statistics has released data on Nigeria’s Gross Domestic Product using the spending and income approach.
The NBS noted that Nigerians spent a staggering N57.1 trillion on household products in the first half of the year, even as they continue to struggle with the high cost of goods and services.
The amount spent by Nigerian households on consumption in the first half of 2022 grew by 14.4% over the N49.89 trillion tallied in the same period of 2021.
Household consumption costs grew by 30.6% when compared to the first half of 2020, which was impacted by the COVID-19 epidemic and travel restrictions, and by 16.4% when compared to the N49.06 trillion recorded in the same period of 2019.
In the first six months of the year, household spending made up 62.4% of all consumer spending (gross domestic product by expenditure – N91.41 trillion). Non-profit organizations spent N496.47 billion on consumption, or 0.5% of the total, in 2017.
Government consumer spending, which makes up 4.4% of total GDP spending, decreased by 3.97% on an annual basis to N4.06 trillion.
While this was going on, the gross fixed capital formation, which is calculated as fixed asset acquisitions minus fixed asset disposals, was N28.5 trillion, or 31.2% of all expenses.
According to a breakdown, household consumption expenditures totaled N27.71 trillion in the first quarter of the year and N29.37 trillion in the second.
Nigerians spent N27.29 trillion on household consumption in real terms, excluding the impact of inflation, which is 12.1% more than during the same period in 2021. (N24.35 trillion). There is an inflation effect of 2.29% in comparison to the nominal gain of 14.4%.
