Nigerians spent about ₦22.8 trillion on food in 2019, according to a survey conducted by the National Bureau of Statistics (NBS).
This is about 57 per cent of the total spending (N40.2 trillion) by Nigerians for that period.
The largest chunk of the food expenditure — ₦4 trillion — was spent on food consumed outside the home, the May 2020 report, which was last released in 2010, showed. This includes food gotten from restaurants, bars, roadside joints, among others.
Starchy roots, tubers (like yam, potatoes etc.) and plantain are the next most consumed food items at ₦2.5 trillion, followed by rice, ₦1.9 trillion and vegetables, ₦1.7 trillion.
Ranked among the least bought food items, beverages cost Nigerians ₦296.6 billion; confectioneries accounted for ₦205.5 billion; while they spent ₦150.2 billion on both bottled and can alcoholic drinks.
Data from the survey show that Nigerians spent about ₦17.4 trillion (about 43 per cent of their spendings) on non-food expenses in 2019.
Transportation (₦2.6 trillion), health (₦2.5 trillion), education (₦2.4 trillion) and telecommunication services (₦2.2 trillion) top the list in this category.
Other expenses incurred by Nigerians during the period under review include rent (₦2.1 trillion), fuel and light (₦2 trillion), clothing and footwear ₦1.8 trillion, household goods (₦1.1 trillion), entertainment (₦428.2 billion), water (₦197.6 billion).
On a regional basis, 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.
Overall, the report showed, the south-west at about 29.95 per cent of total expenditure, south-south at 20.94 per cent and north-west at about 17.02 per cent recorded the highest expenditure in 2019. These three regions accounted for over 67 per cent of the total consumption expenditure in Nigeria in 2019.
State-wise, Lagos recorded the highest consumption expenditure at ₦5.1 trillion (13 per cent of Nigeria’s), followed by ₦2.3 trillion (5.83%) in Oyo, Delta’s ₦2.1 trillion (5.38%), Rivers, ₦2 trillion (4.99%) and Kano State ₦1.97 trillion (4.91%).
Yobe (₦420 billion), Nasarawa ₦383.6 billion, Ebonyi ₦310.2 billion and Taraba ₦297.4 billion all sit beneath the pecking order.
The Nigeria Living Standard Survey (NLSS) was conducted between September 2018, and October 2019, across 36 states and the FCT, from which a sample size of 22,110 households were surveyed.
Its findings show that the consumption pattern is tilted towards food than non-food items. However, the more developed a society becomes, the less it spends on food and the more it spends on non-food items, the survey said.
“In most developed countries, it is the opposite, where the consumption pattern is skewed towards non-food items,” the nation’s statistics bureau wrote in the report.
“Lagos is a clear indication of a state with an emerging economy. Lagos state’s expenditure on non-food items was more than its expenditure on food.”
In 2015, for instance, the average annual household income in the United States was $63,091. While food accounted for $6,133 of this, non-food items took at least $33,867 (living took $16,920, insurance and social security, $5,336, medical $2,853, transportation $8,758).
The findings in the NBS report are expected to be included in the computation of final household expenditure, a component used by the nation’s statistics bureau in computing Nigeria’s gross domestic product (GDP).
Inlaks CEO, Femi Adeoti, Wins Top CEOs & Next Bulls Award
Femi Adeoti, managing director and CEO, Inlaks, Africa’s foremost Information Technology and Infrastructure solutions provider in West Africa, has been announced as a winner of the 2020 Top CEOs & Next Bulls Awards organised by Business Day Media Limited in collaboration with the Nigerian Stock Exchange (NSE).
The MD/CEO whilst receiving the award dedicated it to the management and staff of Inlaks for their relentless service even during these trying times.
He also appreciated the board of the organization that drove changes within the organisation particularly in the pandemic which led to the company being recognized and the customers who have continued to support Inlaks while being ambassadors of all Inlaks’ solutions.
The CEO and Next Bulls awards, the sixth in its series, recognizes the CEOs of listed companies creating competitive shareholder value through sound strategy, disciplined execution and world class governance. In addition, it celebrates chief executives of quoted companies that have demonstrated the most impressive gains in both share price and service delivery.
Themed “Advancing Against all Odds,” this year’s award particularly recognised businesses that have been thriving in spite of the global harsh economic realities.
According to the organisers of the award, the indomitable Next Bulls are the CEOs raging forward at a time when many businesses are choosing to retreat, thus acknowledging Adeoti’s good leadership in the area of corporate governance, innovation and service delivery.
The CEOs award celebrates the CEOs of successful, privately-owned indigenous companies built by Nigerians, led by Nigerians and poised to lead their categories on the continent.
Established in 1982, Inlaks is Africa’s leading Information Technology systems integrator with presence in Nigeria, Ghana, Kenya, Gambia, Sierra Leone, Guinea, Liberia and Cameroon. As solutions provider, it offers core banking, agency banking, fraud management, cyber-security, cloud, data centre, enterprise risk management and software solutions.
Part of the criteria for selecting winners of this year’s awards held virtually on September 5, are stock price appreciation, Profit After Tax (PAT) growth, an unblemished regulatory compliance record, and positive marketplace reputation among customers in the period under review.
Winners are also selected based on significant interest shown by active and informed investors on the Nigerian Stock Exchange to invest in their stock should their boards ever decide to take them public.
Transcorp Hotels Hard Hit by COVID-19, Mulls Restructuring
The novel COVID-19 pandemic has caused the African Hotel and Tourism industry to lose over $50bn in revenue.
Amidst this, Transcorp Hotels Plc has suffered unprecedented losses and is looking to restructure the business strategy of its hotels and optimize its operations.
The management of Transcorp Hotels Plc has announced that it will be taking steps to ensure business continuity in the wake of the losses recorded due to the COVID-19 pandemic.
To this end, the hotelier is diversifying its portfolio and reducing its workforce as part of its cost management initiatives.
Mrs Dupe Olusola, managing director, Transcorp Hotels Plc, disclosed this during a Press Conference on Thursday saying “The impact of COVID-19 on the business is like nothing the company has ever witnessed. The hotel and hospitality industry in Nigeria has never faced a crisis that brought travel to a standstill, including the Ebola Virus Outbreak of 2014 and the recession of 2015. The slow pick up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than 5%.”
According to her “Despite the losses incurred we have fulfilled our obligations to staff. At the inception of the pandemic, we maintained a 100% salary payment to our over 900 employees in March and April. We also activated various cost-saving initiatives such as renegotiations of service contracts and restructuring of our loans. We suspended further commitment to buy fixed assets and operating equipment as well as reducing our energy consumption and maintenance costs. Despite undertaking these, it has become apparent that more fundamental changes need to be made for the business to survive. To this end, our workforce headcount will be reduced by at least 40%, and our reward system will be optimized.”
Mrs Olusola further disclosed that negotiations are ongoing to ensure that our colleagues who will be impacted are adequately compensated given the peculiarities of the economy at this time.
A health insurance package to reduce their health burden costs, especially during the pandemic, amongst other payment settlements, will be activated.
Equally, all Executives of Transcorp Hilton Abuja have now taken a pay cut.
As one of the leading hospitality brands in Africa, Transcorp Hotels Plc has stated its commitment to uphold service standards and ensure that all guests continue to experience the warmth and hospitality that it is known for.
LCCI Announces Date for Virtual Edition of ICTEL Expo
The Lagos Chamber of Commerce and Industry (LCCI), the premier Chamber of Commerce and a leading voice in the organised private sector (OPS) in Nigeria, is set to host the 6th edition of the Information, Communication, Technology and Telecommunications (ICTEL) Expo.
The tech event is scheduled to take place virtually on Tuesday 22ndand Wednesday 23rd September at 9am daily. To this end, interested participants are urged to register online via www.ictelexpo.com.ng
Muda Yusuf, director general of the Lagos Chamber of Commerce and Industry (LCCI) said: “The ICTEL EXPO is positioned to be a veritable platform for both operators and regulators to network, showcase and explore with technology with the view to repositioning the ICT sector of the economy.”
Yusuf added “that this year’s edition promises to be the best ever in the series with the theme “Exploring Opportunities in the Digital Economy” This is intended to create a platform to discuss strategies for economic diversification and business sustainability with particular focus on ICT, especially with the current challenges posed by the COVID-19 pandemic. There would also be virtual conferences and exhibition during the two-day event.
Yusuf also emphasized that relevant agencies and departments of Government will be exhibiting and attending to other exhibitors and participants.
He stated that the Government Ministries, Departments and Agencies that have confirmed attendance to participate are Ministry of Communications; Nigerian Communications Commission (NCC) amongst others.
In addition, the Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Pantami and the Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar GarbaDanbatta, are expected as Special Guests.
Mrs. Funke Opeke, managing director, MainOne Cable and chairman, Presidential Committee on National Broadband Plan, is expected to deliver the Keynote Address on the first day.
While Mr. Victor Eburajolo, deputy group managing director, Kewalram Group, will be delivering the Keynote Address on the second day at the virtual Expo.
Yusuf stated that “so far, so good the excitement that the virtual Expo has generated has been phenomenal and we are indeed happy about it.”
NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution
FG Launches Central Database for Stolen Asset Tracing
NCC Holds First Virtual Bi-Annual Meeting with Telcos
Ericsson Launches Integrated Packet Core Firewall to Boost 5G Core Security
Anambra Indicates Interest to Host NITDA’s South-East Zonal Office
Senate Alleges Multi-Billion Naira Fraud in NTA, Startimes Deal
IHS Holding Mulls Africa’s Biggest IPO worth $7Bn in US
New Regulatory Agency Coming for Nigeria Postal Sector
Pantami Excited as ICT’s Contribution to Nigeria’s GDP Increases to 17.83%
Chinese Phones with Built-in Malware Sold in Africa
- News3 days ago
Beware of COVID-19 Infected Poultry Smuggled into Nigeria- Customs
- E-Business3 days ago
Global Tech Giants Converge in Nigeria as TD Africa Births Tech Experience Centre
- News3 days ago
79% of Nigerian Parents do not Track their Children’s Location
- Broadcasting3 days ago
Lagos Traffic Radio Launches Live Report Motorcycles
- E-Business3 days ago
CWG Expands Offerings for HMOs with HealthExchange Platform
- E-Financial3 days ago
Banker Dragged to Court over Alleged N25m Theft
- E-Financial3 days ago
Paxful Aims To Offer Easy and Affordable Global Payment Solutions
- Telecom3 days ago
HMD Global Rolls out Android 10 Update for Nokia 2.1 Users in Nigeria