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In 2019, Nigeria spent a whopping N23 trillion (naira) on food alone! N23 Trillion. Here is a breakdown of the type of food Nigerians purchased and how much was spent on each type.
From a business angle, I see opportunities and wealth looking at these NBS data.
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From a business angle, I see opportunities and wealth looking at these NBS data.
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On Non-Food items, Nigeria spent N17.4 Trillion in 2019. In this category, Nigeria spent the most on Transport - N2.6 trillion, followed by health - N2.5 trillion and Education - N2.4 trillion. N2.1 trillion was spent on rent and N428 billion on Entertainment.
By Region, the South West spent the most on Food in 2019 (N6.2 trillion) followed by the South South (N4.6 trillion). The North East spent the least.The same trend was witnessed for non-food expenditure.
Which region spent the most on Health? South West. The least? North East.
But,
Health was the number 1 non-food expenditure item in the North East, North Central, North West and South East. It was number 7 in the South West (after clothing) and 4th in the South South.
But,
Health was the number 1 non-food expenditure item in the North East, North Central, North West and South East. It was number 7 in the South West (after clothing) and 4th in the South South.
Education:
South West spent the highest - N869 billion on education in 2019. Followed by South South (N549 bn) and South East (N338 bn).
Education was the 2nd biggest non-food expenditure item in the SW, SS, SE & NC. It was 7th in NW & NE.
South West spent the highest - N869 billion on education in 2019. Followed by South South (N549 bn) and South East (N338 bn).
Education was the 2nd biggest non-food expenditure item in the SW, SS, SE & NC. It was 7th in NW & NE.
Transport:
Transport was 1st among non-food expenditure items in the South West and South South.
It was 5th in North West and North Central and 4th in South East and North East.
Transport was 1st among non-food expenditure items in the South West and South South.
It was 5th in North West and North Central and 4th in South East and North East.
Entertainment:
South West tops the list followed by South South, South East and North West.
Rent:
SW spent the most on rent across all regions. But rent was number 5 non-food expenditure item in the SW (after fuel exp).
Exp. on rent was higher than education in the NW and NE.
South West tops the list followed by South South, South East and North West.
Rent:
SW spent the most on rent across all regions. But rent was number 5 non-food expenditure item in the SW (after fuel exp).
Exp. on rent was higher than education in the NW and NE.
Key Takeaways
1. Even with the tough business terrain, there are opportunities in Nigeria for individuals/businesses.
2. There's power in numbers. You see that population of +200 million people? They spend on food, transport, clothing.. EVERYDAY!
3. Think about it & Act!
1. Even with the tough business terrain, there are opportunities in Nigeria for individuals/businesses.
2. There's power in numbers. You see that population of +200 million people? They spend on food, transport, clothing.. EVERYDAY!
3. Think about it & Act!
For Policy:
The data shows clearly that regions that spend more on education are more advanced that those that don't. The recent poverty data released by @nigerianstat also confirms this.
Less developed regions spend most of their non-food expenditure on health?
The data shows clearly that regions that spend more on education are more advanced that those that don't. The recent poverty data released by @nigerianstat also confirms this.
Less developed regions spend most of their non-food expenditure on health?
Data Source: National Bureau of Statistics Consumption Expenditure Pattern 2019. https://nigerianstat.gov.ng/elibrary
@nigerianstat @sgyemikale
@nigerianstat @sgyemikale
