PiggyVest Report: Only 1 in 10 Nigerians Can Raise ₦156,000 Within a Week

A new PiggyVest report paints a difficult picture of household finances. It says only one in 10 Nigerians can comfortably raise ₦156,000 within a week, while six in 10 have no emergency savings. The report says 58% of adults earn below ₦100,000 monthly or have no income. Although the minimum wage rose from ₦30,000 in 2023 to ₦70,000 in 2026, its dollar value and purchasing power have fallen. It also estimates that Nigerians now spend about 60% of their income on food. Savings participation reportedly fell from eight in 10 people to five in 10, as many households struggle to earn enough to set money aside. Interest in relocating abroad has increased, but savings for migration have declined. Only 6% of Nigerians say they feel financially secure, with regular monthly saving identified as a key factor.

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