A new report by Nigerian fintech platform PiggyVest has shed light on the growing financial strain facing millions of Nigerians, revealing that nearly 30% of the population earns less than ₦100,000 monthly. Even more concerning, a significant majority of respondents expressed uncertainty about whether their income is sufficient to cover basic living expenses.
The findings highlight the widening gap between income levels and the rising cost of living in Africa’s most populous nation. With inflation persistently high and essential goods such as food, transportation, and housing becoming increasingly expensive, many households are struggling to maintain financial stability. For low-income earners, the challenge is particularly severe, as limited earnings leave little to no room for savings or emergencies.
PiggyVest’s report also points to a broader issue of financial insecurity across different income brackets. Even among those earning above ₦100,000, many respondents reported difficulty in budgeting effectively or meeting monthly obligations. This underscores a growing concern that income growth has not kept pace with economic realities, leaving a large portion of the population financially vulnerable.
The situation is further compounded by irregular income streams, especially among gig workers, entrepreneurs, and those in the informal sector, who make up a significant share of Nigeria’s workforce. Without stable earnings, financial planning becomes more complex, and reliance on short-term solutions, such as borrowing or credit, increases.
Despite these challenges, the report suggests a rising awareness of financial management tools, including savings and investment platforms. More Nigerians are turning to digital solutions like PiggyVest to build disciplined saving habits, automate contributions, and explore investment opportunities as a way to cushion economic shocks.
Experts believe that addressing this issue will require a combination of policy interventions, job creation, and financial literacy initiatives. Improving access to stable income opportunities and equipping individuals with better money management skills could help bridge the gap between earnings and expenses.
As economic pressures persist, the PiggyVest report serves as a stark reminder of the urgent need to strengthen financial resilience among Nigerians, particularly for those at the lower end of the income spectrum.
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