• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Exclusives Research Analysis

Nigerians spend N83.2 trillion on consumption expenditure, save N10 trillion

Nairametrics by Nairametrics
November 1, 2017
in Research Analysis
Share on FacebookShare on TwitterShare on Linkedin

Nigerians spent a total of N83.2 trillion as consumption expenditure in the fiscal year ended December 2016. This is according to Gross Domestic Product (expenditure approach) data from the National Bureau of Statistics.

Nigerians consumption expenditure of N83.2 million is higher than the N74.4 trillion spent in 2015. All figures represents nominal expenditure and does not take account of inflation.

[wpdatachart id=162]

RelatedStories

Capital Importation (FDI and FPI) Into Nigeria By Sector (2014 – 2018 Q2)

Capital Importation (FDI and FPI) Into Nigeria By Sector (2014 – 2018 Q2)

August 23, 2018
Nigerian Agricultural Sector To Receive N84bn Boost

Nigeria’s Latest Inflation Rate Data (Updated September 2018)

July 26, 2018

A cursory view of the data reveals government expenditure was N5.5 trillion compared to N5.6 trillion same period last year. Over N15 trillion was spent on Gross Capital Formation (Investments) compared to N14 trillion a year earlier. Nigeria also recorded a net import of N2.3 trillion in 2016 compared to N31 billion in net imports for the prior year.

Consumption Expenditure

Consumption expenditure rose every quarter of 2016 compared to the same period in 2015 as household spend more to augment for the rising inflation. This represents about 81% of GDP compared to 78% a year earlier.

We also observed that consumption expenditure was highest in the fourth quarter of the year followed by the third, second and first respectively. The same pattern was observed in 2015.

Employee compensation was N25.8 trillion in 2016 compared to N24.7 trillion in 2015, representing a 4% increase. However, when adjusted for inflation, it will appear that employees had better purchasing power in 2015 than in 2016.

Compensation of Employees

Employee compensation for the year was N25.8 trillion compared to N24.7 trillion a year earlier. Employees earned about N7.6 trillion in the second quarter of 2016, the highest in the 8 quarters under review.

Savings

The report also indicates that Nigerians saved about N10.7 trillion in 2016 compared to N10.9 trillion in 2015. This represents about 12% of GDP.

How GDP is computed

Gross Domestic Product, GDP, is calculated using two approach the GDP by Income approach and the GDP by Expenditure approach.

The expenditure approach sums up Consumption + Investment + Government Purchases + Net Exports.

The income approach sums of GDP = Compensation of employees + Rent + Interest + Proprietor’s Income + Corporate Profits + Indirect business taxes + Depreciation + Net foreign factor income.

To calculate Real GDP, you divide nominal GDP by price index and multiply by 100%.

Real GDP = (Nominal GDP / price index) X 100

To calculate Real GDP Growth Rate you subtract Real GDP of the current year less the GDP of the Prior year divided by the GDP of the current year.

Growth rate =[(Real GDP of current year – Real GDP of prior) / Real GDP of current year] X 100 %

 

 

 

 

Tags: ChartsQuickTakes
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Capital Importation (FDI and FPI) Into Nigeria By Sector (2014 – 2018 Q2)

Capital Importation (FDI and FPI) Into Nigeria By Sector (2014 – 2018 Q2)

August 23, 2018
Nigerian Agricultural Sector To Receive N84bn Boost
Macros

Nigeria’s Latest Inflation Rate Data (Updated September 2018)

July 26, 2018
Why you should Naira Cost Average your Investments

Chart of the day: Currency in Circulation vs Currency Outside Banks

July 20, 2018
Prices of Rice Drop in Latest Household Food Price Survey

Chart of the day: Prices of Basmati Rice vs Ofada Rice in 2018

July 5, 2018
Nigerian Imports and Exports

Chart of the day: Nigeria’s trade with Netherlands

June 28, 2018
Chart of the day: Nigeria’s Value Added Tax since Q1 2015

Chart of the day: Nigeria’s Value Added Tax since Q1 2015

June 26, 2018
Next Post
4 days on and TSTv is already having serious issues.

Once again, TStv cannot meet its promised launch date

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 
  • Average price of farm produce surges by 28.98% in five months 
  • SEC imposes three-year cooling-off for CEOs seeking chairman roles 

Follow us on social media:

Recent News

Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 

Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 

June 21, 2025
Food Security, US investment in Nigeria, Food Inflation, Foreign Investment, Economy

Average price of farm produce surges by 28.98% in five months 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics