Nearly 60 per cent of Nigerians either earn below N100,000 monthly or have no income at all, according to the 2025 savings report by Piggyvest, highlighting deepening financial strain across households despite signs of macroeconomic stabilisation.
The report, obtained by ENigeria Newspaper, paints a picture of widespread economic vulnerability, with only six per cent of respondents expressing confidence in their financial situation, while more than half remain uncertain about meeting basic monthly needs. It noted that although earnings have risen nominally, inflation, peaking above 33 per cent in 2024, has significantly eroded purchasing power, leaving many Nigerians “earning more but affording less.”
According to Piggyvest, about two-thirds of Nigerians depend on a single income source, exposing them to shocks, while many resort to informal borrowing from friends and family to bridge gaps between income and expenses.
“On paper, the economy is stabilising. On the ground, however, the strain hasn’t let up,” the report said.
“Across income, savings, spending, debt, and financial satisfaction, a consistent pattern emerges: Nigerians are adapting with resilience, but within increasingly narrow margins.
“In 2025, nearly 3 in 5 Nigerians report either having no monthly income or earning below N100,000 monthly, after a significant decline in 2024.”
The report also showed that approximately one in two Nigerians do not save at all, and only approximately 40% have emergency cash, suggesting that the country’s savings culture is deteriorating. Even among those who save, the main objective is not wealth accumulation but rather short-term security, which reflects ongoing worry about future income stability.
There were significant demographic differences, with women and younger Nigerians (especially Gen Z) more likely to be in the lowest income groups.
The reports indicate that systematic wage inequality, which disproportionately affects women, may result in underutilization of human capital and long-term economic inefficiencies.
