Private Consumption in Nigeria
The Nigerian economy recorded an average growth rate of 2.7% in private consumption in the decade to 2023, below the 3.1% average for Sub-Saharan Africa. In 2023, the growth of private consumption was-10.9%. For more information on private consumption, visit our dedicated page.
Nigeria Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Nigeria from 2013 to 2023.
Source: Macrobond.
Nigeria Private consumption Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Private Consumption (ann. var. %) | -1.7 | 25.6 | -4.1 | -10.9 | -5.0 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Nigerian private consumption projections for the next ten years from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Nigerian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Nigerian private consumption projections.
Want to get access to the full dataset of Nigerian private consumption forecasts? Send an email to info@focus-economics.com.