Piggyvest Survey: 60% of Nigerians Earn Below ₦100,000 or Have No Income

Busola Aro reports that a recent Piggyvest savings survey shows that three in five Nigerians earn less than ₦100,000 per month or have no income at all. Despite nominal gains, rising inflation erodes purchasing power and leaves many feeling financially strained. The study highlights stark differences across age and gender, with younger and female Nigerians disproportionately represented in lower income brackets. It also reveals widespread reliance on a single income source and informal borrowing from friends and family. High living costs push households to prioritize essentials like food, transport, and housing, while savings decline and the “black tax” burden grows. Experts warn that boosting financial resilience requires more than policy tweaks—it demands systems that foster stability and support long-term savings.

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