The Festive season was good for business, but had a mixed impact on households. While business income improved, the overall household financial situation did not, likely driven by higher spending. Interestingly, food consumption decreased as well. This was surprising because while we expected families to spend more, we expected that at least some of this spending was on food, but clients say they actually ate less during the season Speaking of hunger. We found that business owners namely those in retail are experiencing hunger more regularly and with less volatility, as well as agrarians, who are likely consuming whatever they produce on their farm.
Roles of remittances. Typically, remittances account for 6% of Nigerian’s GDP, Among GEEP clients, roughly 4% direct cash support from friends or family since August 2020. Third party sources suggest an overall slowdown in remittances from abroad, prompting the promulgation of a new law to support international money transfer. We’ll be checking to see if this regulation has impact on the funds your clients receive abroad.