Household Final Consumption Grows by -12.47%

National Bureau of Statistics has disclosed that household final consumption grew by -12.47 percent in the Q4  of 2022 compared to the 7.30 percent growth rate of Q4 2021.

NBS stated this in the new Nigerian Gross Domestic Product Report for Q3 and Q4 2022.

These growth rates were lower compared to the growth rates of their corresponding quarters of 2021, which were 19.36 per cent and 7.30 per cent, respectively, but NBS blamed inflation and challenging economic conditions in the country, for the negative growth.