Going by the latest Nigerian General Household Survey (GHS) report submitted this first week of December 2019, by the National Bureau of Statistics (NBS), e-commerce, bakery, tech, personal care, and telecommunications showed massive leap in the new wave. The new insights will provide opportunities for interested investors and owners of business looking for where to channel efforts.
The GHS-panel report collates data from a nationally representative households for a comprehensive analysis of welfare indicators and socioeconomic characteristics.
The report reveals that that there is a national decrease in general household size from previous years. The average household size shrank by 0.2% from 5.9 to 5.7 showing clear mobility or reduction in reproduction. The South West witnessed the greatest decline in that regard.
More, the distance between home owners and those who rent remain wide. While 62% of the sampled data own their homes, 21.8 rent their homes. Availability of electricity in homes stand at 35 hrs per week with generator serving as major source of power especially in the South-south where it records its highest use at 24.1% over the South East 20.7%.
However, about 77.7% of Nigerians above 10-year old have access to mobile telephone as a quarter of Nigerian population, at 25.7%, now have access to internet services. Although the access is higher in the urban areas (42.1%) compared to the local towns (19.1%), the implication for e-commerce and fintech is positive. At least a quarter of the total Nigerian consumers are now online.
Grains and flour, and oil, fat and vegetable top the list of food consumed most by households in the country. For businesses engaged in bread baking, street foods and fries, the implication too is huge. It means there is a large market still waiting to be fed.
Among non-food consumables, washing powder and recharge cards are the most purchased. Interestingly, 9 out of 10 Nigerians report purchasing washing soap, while 84.6% of the total household buy recharge cards, netting huge returns for firms in the personal/ home care and telecommunications sectors.
Meanwhile, agriculture remains the most income generating activity among young people aged below 20. That is a good one for the economy growth and recovery plan of the federal government.
As well around 60% of total household operate at least one non-farm enterprise, with retail trade topping the list at 49.0%, provision of personal services stand at 14.1%.
By keying into new reports from the National Bureau of Statistics, businesses and government are able to make decisions that suit market realities consequently leading to revenue growth.