StatiSense recently released a comprehensive report based on Data from the National Bureau of Statistics (NBS) revealing that Food Consumption cost Nigerians a Staggering N22 trillion in 2019.
The report, titled “Consumption Expenditure Pattern in Nigeria,” was shared via StatiSense’s Twitter handle on Friday and Provided a detailed Breakdown of the Spending on Foods Consumption in 2019.
The total Expenditure, encompassing both Food and Non-Food Items, amounted to N40.21 trillion.
Nigerians showed a Significant preference for Carbohydrates and starchy Foods, such as Potatoes, Yams, Cassava, and Plantains, which were Influenced by Cultural Values.
This class of Food alone accounted for an Astonishing N2.53 trillion in Spending.
Rice, another Favorite Meal among over 90 percent of Nigerians since its Introduction in the 1960s, made up a Substantial part of Food Expenses.
In 2019, Nigerians spent N1.98 trillion on Rice, which represented 4.9 percent of the total Food Expenditure.
The report highlighted the efforts of former President Muhammadu Buhari’s Administration to encourage Domestic Production, particularly through the Central Bank of Nigeria’s Anchor Borrowers scheme, aiming to Boost local Rice Production.
Experts from the Organisation for Economic Co-operation and Development (OECD) and Food and Agriculture Organisation (FAO) projected that Nigeria, already the leading Rice Producer in Africa, could become one of the World’s leading Rice Producers by 2045 and beyond.
By reducing its Import Bill on Rice, which stood at N467.96 billion in 2020, Nigeria Aimed to create more Employment Opportunities and generate much-needed Revenue for the Government and those involved in the Rice Value chain.
Vegetables were also a significant component of the N22.78 trillion spent on Food by Nigerians in 2019.
The report highlighted that N1.76 trillion was spent on Onions, Tomatoes, Okra, Peppers, Amarantus, Carrots, melons, Ewedu (Corchorus olitorius), Sobo (Hibiscus sabdariffa), and baobab leaves (Adansonia digitata).
Additionally, the report indicated that Fish and Seafood, Grains and Flours, Meat, Pulses, Nuts, and Seeds accounted for N1.33 trillion, N1.31 trillion, N1.19 trillion, and N1.16 trillion in Expenditure, Respectively.
