Economy

Nigerians Spent N22.8trn on Food in 2019—Survey

Published

5 years ago

11/05/2020

By Adedapo Adesanya

Nigerians expended about N22.8 trillion on Food in the year 2019, a survey recently released by the National Bureau of Statistics have revealed.

In the report titled Consumption Expenditure Pattern in Nigeria 2019, it was revealed that total spending made by Nigerians for the period amounted to of N40.2 trillion, out of which N22.8 trillion or 57 percent went to satisfying biggest need of man.

The last time a similar report was published was in 2009 and as at that time, Nigerians spent N21.6 trillion on consumption expenditure and more than 10 years later, covering a period from October 2018 to September 2019, there has been an 86 percent increase in consumption expenditure.

About 56.7 percent of Nigeria’s consumption expenditure was on food items. This was followed by transportation with N2.6 trillion (6.4 percent), health came in third with N2.5 trillion (6.1 percent) and education at N2.4 trillion (6.0 percent).

Others include: services including telecoms (5.5 percent); rent (5.3 percent), fuel/electricity (5.0 percent); clothing and footwear (4.5 percent); and household goods (2.8 percent). The rest covered entertainment and water.

A breakdown of the latest figure showed that out of the N22.8 trillion expended on food, N4 trillion was spent “eating out” – outside the home – at restaurants, bars, roadside joints, among others.

This was followed by consumption in the home on starchy food such as yam, potatoes and the likes which gulped N2.5 trillion; rice – one of the most common delicacy in the Nigerian household – followed with N1.9 trillion, while vegetable took as much as N1.7 trillion.

Nigerians spent N296.6 billion on beverages; confectioneries accounted for N205.5 billion; while they spent N150.2 billion on both bottled and can alcoholic drinks.

In a breakdown by regions, the south-west recorded the highest overall household expenditure as well as the highest expenditure on food and in non-food categories, while the north-east (excluding Borno) recorded the lowest.
Borno was not factored due to the Book Haram crisis that has made it hard to gather data.

Overall, the report showed the south-west at about 29.9 perccent of total expenditure, south-south at 20.94 percent and north-west at about 17.02 percent recorded the highest expenditure in 2019. These three regions accounted for over 67 percent of the total consumption expenditure in Nigeria in 2019.

Lagos State recorded the highest consumption expenditure at N5.1 trillion (13 percent of Nigeria’s), followed by N2.3 trillion (5.8 percent) in Oyo, Delta N2.1 trillion (5.4 percent), Rivers, N2 trillion (4.9 percent) and Kano State N1.9 trillion (4.9 percent).

Yobe (N420 billion), Nasarawa N383.6 billion, Ebonyi N310.2 billion and Taraba N297.4 had the lowest number.

Economy

Geo-Fluids, Afriland Properties Lift NASD Bourse by 0.13%

Published

1 day ago

11/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.

Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.

Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.

There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.

FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.

IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.

Economy

Naira Depreciates to N1,543/$1 at Official Market

Published

1 day ago

11/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.

According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.

The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.

The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.

On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.

As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.

In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).

However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.

Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.

On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.

Economy

Customs Street Crumbles by 0.08% as Profit-Takers Take Charge

Published

2 days ago

11/01/2025

Dipo Olowookere

By Dipo Olowookere

Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.

The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.

The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.

At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.

Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.

Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.

The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.

On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.

Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.