Rethinking Poverty in Nigeria: Why Saving 50% Matters

Ilesa is a good example of living costs in many Nigerian cities. A single person earning under $100 a month can afford decent housing, clothes, food, internet, and healthcare. If transport costs are low, they can even save up to half of that income and dine out occasionally. In contrast, someone making $40,000 a year in a high-income country might still need government aid. That “rich poor” concept doesn’t apply in Ilesa or most of Nigeria. Cars are a luxury here since maintenance costs often exceed rent. I have never owned one at 46 and prioritized growing my business instead. To measure poverty, only basic necessities and savings potential should count. Holidays in expensive cities or car upkeep aren’t required. Focus on meeting essential expenses and being able to save. If you can save 50% of what you earn, you are not poor, no matter the nominal amount.

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