Nigerians consume 25-billion-Naira (US$151 million) worth of food on a daily basis, according to a survey carried out by an indigenous research firm, NOI.
The private BusinessDay newspaper Tuesday reported that about 80% of Nigerians spend at least US$1 on food daily, with only 20% spending less.
By the estimates from the research, it means that 80% of the country’s current population of 175 million, which is about 140 million people, each spends N160 (US$1) per day on food, amounting to 22.4 billion naira (US$135 million).
The remaining 35 million people spend about half a dollar, estimated at N80, which amounts to 2.8 billion naira (US$17 million) per day, making a total daily food spend of 25.2 billion naira by the country’s populace.
Going by these figures, all the food consumed in the country in one year amounts to 9.2 trillion naira (US$56 billion), of which 1.3 trillion naira (US$7.8 billion), representing 14%, is imported.
Analysts said the huge food expenditure is not surprising, giving the large and growing population, as well as the country’s long standing economic growth that has seen a rising middle class, able to spend on a variety of food items.