Nearly six out of every 10 Nigerians either earn below ₦100,000 monthly or have no income whatsoever, according to a new report by digital savings platform Piggyvest.
The report, cited by The Cable, paints a grim picture of deepening income pressures across Africa’s most populous nation.
The findings reveal that despite nominal wage increases in recent times, rising inflation has significantly eroded purchasing power, leaving numerous households unable to meet basic necessities.
The report disclosed that only 6% of Nigerians feel financially secure, underscoring the widespread economic vulnerability affecting the majority of the population.
According to the Piggyvest study, many Nigerians rely on a single income source combined with informal support systems to survive, highlighting the fragility of household finances across the country.
The data suggests that more than half of Nigeria’s population lives on incomes that fall far below what is required to maintain a decent standard of living in an economy battling double-digit inflation.
The revelation comes as Nigerians continue to grapple with the impact of recent economic reforms, including fuel subsidy removal and foreign exchange rate adjustments, which have driven up the cost of food, transportation, and other essential commodities.
With inflation rates consistently hovering above 30% in recent months, real wages have plummeted, leaving workers earning nominally higher salaries but with diminished purchasing power compared to previous years.
The report’s finding that 94% of Nigerians do not feel financially secure reflects the anxiety and economic distress pervading households across different income brackets.
Economic experts have repeatedly warned that without significant intervention to boost incomes and curb inflation, poverty levels could worsen, pushing more Nigerians below the poverty line.
The reliance on informal support systems mentioned in the report points to the traditional safety nets many Nigerians depend on, including family assistance and community-based financial arrangements, which often serve as buffers against total economic collapse for vulnerable households.
