The Nigeria Bureau of Statistics (NBS) disclosed that household final consumption expenditure rose by 20.76 percent in the fourth quarter of 2020.
This was stated in the Nigerian Gross Domestic Product report shared on Tuesday, noting that household consumption accounted for the largest share of the country’s real Gross Domestic Product (GDP), which represents 70.45 percent in the fourth quarter of 2020.
The figure rose above the 58.09 percent and 60.43 percent recorded in 2019’s third and fourth quarters respectively.
According to the NBS, the household final consumption expenditure “consists of expenditure, including imputed expenditure, incurred by resident households on individual consumption goods and services. This is calculated as a residual.”
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It also stated that nominally, household final consumption expenditure grew by -1.83 percent in the third quarter of 2020 and 0.71 percent in the fourth quarter which resulted in an annual growth rate of 1.48 percent.
In the first quarter of 2020 Nigerians spent a total of N25.4 trillion while in the second quarter, Nigerians spent N22.81 trillion.
In the third and fourth quarters of 2020, Nigerians spent N28.1 trillion and N30.2 trillion respectively.
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