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Africa Housing News > Blog > News > Poor consumer spending threatens recession in Nigeria
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Poor consumer spending threatens recession in Nigeria

By Author
Last updated: 2023/09/11 at 4:13 PM
By Author Published September 11, 2023
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By Taiwo Ajayi.

Nigeria’s economy is facing a major threat as poor consumer spending is leading to a decline in sales and profits for companies in the fast-moving consumer goods (FMCG) sector.

The average Nigerian household spends 59% of its income on food, the highest in the world. This is due to a number of factors, including high inflation, low wages, and a lack of job opportunities.

READ ALSO: NIQS urges collaboration, innovation to ensure global best practices

The poor purchasing power of consumers is having a knock-on effect on the FMCG sector. Companies are reporting lower sales and profits, and some are even considering layoffs or exiting the market altogether.

AFRICA HOUSING SHOW 2024
AFRICA HOUSING SHOW 2024

The situation is being exacerbated by the recent economic reforms, such as the removal of fuel subsidies. These reforms have led to higher prices for goods and services, which is making it even harder for consumers to make ends meet.

If the government does not take action to address the problem of poor consumer spending, it could lead to a recession. This would have a devastating impact on the economy and the livelihoods of millions of Nigerians.

READ ALSO: Poor compliance affecting housing – Operators

READ ALSO: Minister vows to revamp housing sector for optimal delivery

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By Author September 11, 2023 September 11, 2023
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