Nigeria's Consumer Card Spending Jumps 20% During Ramadan

According to a report released by Visa, spending on consumer cards in Nigeria rose by 20% year-on-year during the Ramadan and Eid al-Fitr period. The report indicates that the share of spending reached a 10 percentage point increase, reflecting heightened expenditure in travel and everyday retail categories.

Andrew Uaboi, Vice President and Country Manager for Visa West Africa, noted that the period saw increased spending due to inbound visitor activity, which sustained local spending. The insights from the report highlight a shift in consumer behavior during this key season, underscoring opportunities for businesses to respond effectively to the evolving needs of consumers.

Nicola Khouri, head of Visa Consult Analytics, emphasized the importance of understanding these seasonal behaviors to design relevant offerings for issuers and merchants.