Household consumption expenditure of Nigerians rose by 16.59% in Q4 2020 to stand at N13.92 trillion.
A flurry of large corporate debt sales is also underway led by MTN and Dangote Cement which could take out NGN200billion.
Fare paid by Nigerian commuters increased from an average of N208.89 recorded in February 2020 to N361.3 in February 2021.
Amid tepid growth, rising inflation and unemployment, the economy sits in a precarious position that requires urgent and strategic efforts.
The LCCI has urged the FG to intensify efforts toward addressing issues of insecurity, foreign exchange hurdles, and rising inflation.
Nigeria’s inflation rate rose to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.
Major food items such as; tomatoes, onions, pepper, potatoes, local and foreign-made rice recorded a decline in their prices.