Data compiled by Picodi, an international e-commerce organisation shows that the average Nigerian household spends about 59 per cent of its income on food. That’s the highest in the world, according to the report published in August.
Picodi researchers analysed statistical data from 105 countries and calculated how much money people spend on their groceries worldwide. Nigeria ranked 105th out of 105 countries.
The report said food and non-alcoholic beverages make up 59 per cent of Nigerian’s spending on goods and services.
Nigeria’s situation is worse than other countries with high spending on food such as Bangladesh (52.7 per cent), Kenya (56.1 per cent), Myanmar (56.6 per cent), and Laos (50.6 per cent).
In contrast, residents in the US, Singapore, UK, Ireland, and Switzerland spend less than a tenth of their income on food and non-alcoholic beverages. The US is 6.7 per cent, Singapore – 8.4 per cent, the UK – 8.7 per cent, Ireland – 9.2 per cent and Switzerland – 9.9 per cent, the report said.
Nigeria’s inflation has remained at double digits since 2016, with a significant impact on household spending, even as governments across states struggle with backlogs of salaries and pensions.
Equally, the nation’s food inflation increased to 24 per cent in July, compounding the misery of many households. Nigeria’s situation is so dire that President Bola Tinubu recently declared a state of emergency on food insecurity.
Peoplesmind
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