Nigeria’s household consumption expenditure returned to positive growth in 2021 for the first time in three years, BusinessDay analysis shows, an indication that economic activities picked up.
The annual growth rate in real household consumption expenditure stood at 25.65 percent in 2021, compared to -1.69 percent and -1.06 percent in 2020 and 2019 respectively, according to data from the National Bureau of Statistics (NBS). It rose by 4.63 percent in 2018.
“The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2, accounting for negative growth rates informed by the COVID-19 pandemic,’ the NBS said in a report...
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