Consumer income levels have fallen by 30 per cent in Nigeria since March due to the impact of the COVID-19 pandemic on the economy.
This was disclosed in a recent survey conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest.
The report said although overall consumption had reduced since the pandemic started, the least spending cuts were made on food and health, which was viewed as most essential. It said the knock-on effect of fading demand and weaker oil prices were also stifling earnings of consumer goods companies.
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