13Aug

General Procurement Notice – Risk Based Supervision Framework Implementation And Capacity Development Project.

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  1. The Securities & Exchange Commission, Nigeria  has received a grant from the African Development Bank Group administered/Capital Markets Development Trust Fund to finance the Risk Based Supervision Framework Implementation and Capacity Development Project.
  1. The principal objectives of this project are to:
  • Provide technical assistance and capacity building on selected areas of the Commission’s operations,
  • Support implementation of Risk-Based Supervision framework
  • Improve the Securities Markets regulatory environment and broadening of market instruments that will help deepen the Capital Markets in Nigeria
  • Strengthen the Commission’s supervisory tools as well as its capacity to achieve its mandate of investor protection and minimizing systemic risk.
13Aug

Households in Nigeria spend N22.7 trillion on food

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Nigerians incurred N40.20 trillion as household consumption expenditure in 2019. This is according to the Consumption Expenditure Pattern report published by the National Bureau of Statistics. In 2009, the last time the report was published, Nigerians spent N21.62 trillion on consumption expenditure.
The 2019 expenditure pattern report, which measures Nigeria’s spending pattern in both food and non-food items, revealed that of the total, 56.65% of the household expenditure in 2019 was spent on food, with the balance of about 43.35 spent on non-food items.

According to the definition, Household consumption refers to the amount spent personally by all Nigerians to acquire goods and services within the country. The data is based on household consumption only and excludes consumptions from the private sector, government, and exports.

Spending on Food
Nigerians spent a whopping N22.7 trillion on food between the period recorded for the survey. In clear evidence of Nigerians culinary preferences, skew more towards carbohydrates with Starchy Roots, Tubers, and Plantain dominating with about N2.5 trillion. Rice a major staple food item that the government has been looking to ban cost Nigerians about N1.9 trillion while vegetables cost N1.7 trillion.

Surprisingly, alcoholic drinks were bottom on the ladder for food and beverage items with just N150 billion. We understand this does not capture alcoholic drank in bars, pubs, hotels, functions, etc. It only covers was is consumed in the household.

Urban and Rural Nigeria
The data also cut across various states in the country as well as urban and rural Nigeria. For example, in Rural Nigeria, after food which takes on 61.3% of consumption, healthcare takes on another 7.3%. Transport and education is next with 5.59% and 4.7% respectively.

However, in Urban Nigeria, Food represents 51.5% of expenditure followed by Education and Transport with 7.5% and 7.38% respectively. Telecommunication, rent, fuel, and electricity all fall between 6% and 7%.

In terms of State, 12.6% of National Spending occurs in Lagos State while Oyo and Delta are next with 5.83% and 5.38% respectively.

In Nigeria’s economic capital, Lagos State, Lagosians spent about N2.4 trillion on food items representing 48% of total consumption expenditure while 52% was on non-food items, the only state with that record. Next was Transport, Rent and Telecoms with 10.5%, 8%, and 7.5% respectively.