Only one in 10 Nigerians can comfortably raise N156,000 within a week, while just six per cent of adults consider themselves financially secure, highlighting the growing pressure on household incomes despite improvements in some headline economic indicators.
The findings were presented by PiggyVest co-founder and Chief Operating Officer, Odunayo Eweniyi, at OpenHouse Lagos 2026, where she described Nigeria as an economy experiencing two very different realities.
According to the report, 58 per cent of Nigerian adults earn below N100,000 monthly or have no income, while six in 10 Nigerians lack emergency funds. Brandspur Banking News Desk reports that the figures point to the difficulty many households face in building financial cushions as the cost of basic necessities continues to rise.
Savings have also weakened significantly. The proportion of Nigerians who save has fallen from about eight in 10 people to five in 10, with inadequate income identified as a major reason people are unable to put money aside.
The report further highlighted the growing pressure on food budgets. A pot of jollof rice is now said to cost 624 per cent more than it did a decade ago, equivalent to about 42 per cent of the current N70,000 minimum wage.
Food reportedly accounts for about 60 per cent of income for the average Nigerian household, compared with less than 10 per cent for households in the United States. The report described Nigeria’s 60 per cent figure as the highest among countries tracked by the US Department of Agriculture.
The purchasing power of workers has also come under pressure. Although the minimum wage has risen from N30,000 in 2023 to N70,000 in 2026, its dollar value has fallen from about $65 to $53, illustrating why a higher nominal income does not necessarily translate into greater purchasing power.
The report said 63 per cent of Nigerians, or about 140 million people, are living in poverty, while more than half of Nigerian earners continue to support members of their extended families.
At the same time, the number of people paying what is commonly described as “black tax” has fallen by 80 per cent. The decline does not mean family responsibilities have disappeared, with many earners still supporting relatives despite their own financial pressures.
The desire to leave Nigeria has also increased, with 56 per cent more people expressing an intention to relocate abroad. Yet savings specifically set aside for migration have almost disappeared, suggesting that the desire to “japa” is increasingly colliding with the financial reality of making such a move.
Despite the pressure, the report noted that many Nigerians are choosing to build their lives at home, driven by optimism about the country’s future rather than because conditions are necessarily easier.
Eweniyi’s assessment was that Nigeria’s improving economic indicators do not fully capture the experience of households. While the economy may look stronger on paper, many Nigerians continue to feel poorer in their everyday lives as income struggles to keep pace with living costs.
