Connect with us

Economy

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

Published

on

Street Food Vendors

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Access Holdings Merges Sigma, FGPL for Formidable PFA Business

Published

on

Sigma Pensions

By Aduragbemi Omiyale

To create a formidable pension funds administration (PFA) business in Nigeria, Access Holdings Plc has merged its subsidiary, First Guarantee Pension Limited (FGPL), with Sigma Pensions Limited.

The marriage between the two PFAs was made possible after Access Holdings acquired an indirect equity stake in Sigma.

Recall that in October, the company announced that it was buying a stake in Sigma to revolutionise the PFA sector.

On Thursday, a court approved the merger between the firm and FGPL, giving room for the organisations to become one and offer innovative products to customers.

A notice signed by the group company secretary of Access Holdings, Mr Sunday Ekwochi, confirmed the development.

“Sequel to our announcement on October 25, 2022, Access Holdings Plc, trading as Access Corporation, today announces the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, FGPL, with Sigma.

“Following the sanction of the scheme of merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up, leaving Sigma as the surviving entity,” a part of the statement dated Friday, December 2, 2022.

“Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business,” the group chief executive of Access Holdings, Mr Herbert Wigwe, stated.

Continue Reading

Economy

FrieslandCampina Buoys Unlisted Securities Market by 1.11%

Published

on

FrieslandCampina

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive zone on Friday, December 2, as it appreciated by 1.11 per cent at the close of business.

This was driven by a gain in the stock price of FrieslandCampina Wamco Nigeria Plc. The company appreciated by N5.29 price to close at N66.63 per share versus the previous day’s price of N61.34 per share.

This outweighed the 1 Kobo loss recorded by UBN Property Plc during the session as the price of the property investment company went down to 91 Kobo per unit from the preceding session’s 92 Kobo.

When the market closed for the day, the total value of the unlisted securities market increased by N10.27 billion to N933.71 billion from N923.44 billion.

In the same vein, the NASD Unlisted Securities Index (NSI) stretched by 7.82 basis points to 710.58 basis points from the 702.76 basis points in the previous session.

During the session, there was a surge in the volume of securities by 140,993.7 per cent as investors exchanged 2.2 million units, in contrast to the previous day’s 14,508 units.

Likewise, the value of shares traded at the session ballooned by 1,526.6 per cent to N10.7 million from the N657,534.75 recorded a day earlier, while the number of deals improved by 400 per cent to 20 deals from four deals.

When the market closed for the day, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc occupied second place with 687.8 million units worth N14.3 billion, while Lighthouse Financials Services Plc was in third place with 224.7 million units valued at N112.3 million.

Also, CSCS Plc ended the day as the most traded stock by value (year-to-date) by trading 687.8 million units worth N14.3 billion, VFD Group Plc was in second place with 29.1 billion units valued at N7.7 billion, and FrieslandCampina WAMCO Plc was in third place after selling 16.8 million units worth N1.9 billion.

Continue Reading

Economy

Naira Sells N730/$1 in Black Market, N748/$1 at P2P, N445.33/$1 at I&E

Published

on

redesign Naira Notes

By Adedapo Adesanya

Normalcy seems to have returned to the currency market in Nigeria as the Naira further appreciated against the United States Dollar at the various segments of the ecosystem.

In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, the Nigerian currency gained 50 Kobo or 0.11 per cent to quote at N445.33/$1, in contrast to Thursday’s rate of N445.83/$1.

It was observed that domestic currency withstood significant FX demand pressure during the trading session as forex traders completed transactions worth $159.02 million compared with the $99.50 million executed a day earlier, indicating a 59.1 per cent or $59.52 million increase in FX turnover.

Also, in the Peer-to-Peer (P2P) window, the local currency appreciated against the greenback by N14 or 1.8 per cent to trade at N748/$1 compared with the preceding day’s N762/$1.

In the same vein, the value of the Nigerian currency to its American counterpart improved by N10 yesterday to sell for N735/$1 against N745/$1 of the preceding trading session.

However, in the interbank segment, the Naira lost N3.19 against the Euro on Friday as it closed at N464.98/€1 versus Thursday’s exchange rate of N461.79/€1, and against the Pound Sterling, it depreciated by N7.66 to quote at N542.33/£1 compared with the previous day’s N534.67/£1.

Meanwhile, the cryptocurrency market rebounded yesterday as investors showed renewed interest in digital assets, causing the value of Dogecoin (DOGE) to rise by 2.6 per cent to $0.1016.

Further, Cardano (ADA) recorded a 1.8 per cent increase to sell at $0.3189, Ethereum (ETH) saw its value go up by 1.3 per cent to close at $1,289.56, and Solana (SOL) appreciated by 1.4 per cent to trade at $13.65.

In addition, Binance Coin (BNB) grew by 1.1 per cent to settle at $291.72, Litecoin (LTC) appreciated by 1.0 per cent to trade at $77.23, Ripple (XRP) made a 0.9 per cent rise to finish at $0.3924, and Bitcoin (BTC) rose by 0.5 per cent to $17,030.33.

However, the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 on Friday.

Continue Reading
%d bloggers like this: