Nigerians spent N13.9trn On Household Consumption In Q4, 2020
The final consumption expenditure of households in Nigeria hit N13.92 trillion in the fourth quarter of 2020.
This is according to the recently published Nigerian Gross Domestic Product report (Expenditure and Income Approach), by the National Bureau of Statistics (NBS).
According to the report, Nigeria’s household consumption rose by 16.59 per cent in Q4, 2020 to stand at N13.92 trillion, when compared to N11.94 trillion recorded in the corresponding quarter of 2019.
It also represents a 20.76 per cent increase compared to N11.52 trillion recorded in the preceding quarter of 2019.
Household consumption expenditure in Q3 and Q4 2020 grew by 6.1 per cent and 16.59 per cent year-on-year in real terms.
The annual growth rate in real household consumption expenditure stood at 0.81 per cent as against a decline of 1.06 per cent recorded in 2019.
Government consumption expenditure recorded growth rates of 99.18 per cent and 12.13 per cent in Q3 and Q4 2020 respectively, while the annual growth rate stood at 61.58 per cent in 2020 compared to 8.78 per cent recorded in 2019.
Although Net Exports recorded positive growth rates in the first two quarters of 2020 but turned negative in the third and fourth quarters of 2020. It dipped by 52.39per cent and 72.61 per cent in Q3 and Q4 2020 respectively.
By annual consideration, net export declined by 29.55 per cent. Nigerians spent N13.9 trillion on household consumption in Q4 2020, an increase of 16.6 per cent.
In the third and fourth quarters of 2020, real exports declined by 42.05 per cent and 57.79 per cent year on year, resulting in an annual growth rate of -26.96 per cent in 2020.
However, on a quarter on quarter basis, real exports remained negative from Q1 2020 to Q4 2020.
Due to declining rates of growth in exports and imports in 2020, the growth in the net balance of trade (or net exports) was negative in Q3 and Q4 2020.
On a year-on-year basis, the net trade balance declined by 52.39% in real terms in Q3 and also dipped by 72.61 per cent in Q4.
The Nigerian economy expanded marginally by 0.11 per cent in Q4 2020. It, however, contracted by 1.92 per cent in 2020 to stand at N70.14 trillion in real terms.
The final consumption expenditure of households in Nigeria stood at N42.81 trillion in 2020.
Individual consumption expenditure for general government stood at N1.68 trillion while collective consumption stood at N4.98 trillion in the same period.n 2020 as against a growth of 7.64 per cent recorded in the previous year.
However, national disposable income grew by 4.44 per cent in the third quarter of 2020 and 3.13 per cent in the fourth quarter of the year, while a 3.34 per cent growth was recorded as the annual growth compared to 0.35 per cent growth recorded in 2019.
