Posted 11/24/2023, 12:16:58 AM
Nigerian Households Cut Spending by 25% in 2023 as High Inflation and Cash Crunch Bite
- Nigerians spent N3.05tn less on food and household items in H1 2023 compared to H1 2022 when adjusted for inflation
- Household consumption declined by 24.95% in Q1 2023 and rose by 3.30% in Q2 2023 year-on-year
- High inflation, cash crunch, challenging economic conditions responsible for drop in household spending
- Prices of food and other household items have surged, eroding Nigerians' purchasing power
- By 2024, 38.8% of Nigerians expected to live below $2.15 per day poverty line due to slow growth and high inflation