A recent report by PiggyVest, a leading savings platform in Nigeria, has revealed that 90% of Nigerians are unable to save or raise N156,000 in a week. This amount represents 10% of the country's gross national income per capita. According to Odunayo Eweniyi, co-founder and Chief Operating Officer of PiggyVest, the findings are based on data from the company's nearly 10 million users and savings reports between 2023 and 2025.
Despite improving macroeconomic indicators, including a decline in inflation from nearly 35% at the end of 2024 to about 15%, and a strengthening naira, many Nigerians are still struggling financially. The Central Bank of Nigeria (CBN) recently cut its monetary policy rate from 26.5% to 23% on September 22, 2026, in one of its largest reductions in recent years. However, Eweniyi noted that these improvements have yet to translate into better living conditions for most Nigerians.
The World Bank reports that about 63% of Nigeria's population, or roughly 140 million people, live below the national poverty line. Additionally, six in 10 adults have no emergency savings, while only 6% consider themselves financially secure. The findings also show that one in four Nigerians cannot raise emergency funds from any source, highlighting the severity of financial strain in the country.
The pressure is particularly severe among low-income earners, with 58% of adults earning below N100,000 monthly or having no income. This proportion rises to 77% among Gen Z respondents. Eweniyi attributed the decline in savings habits to inadequate earnings, with more than half of those who stopped saving citing this reason. The erosion of purchasing power has also reduced the value of the minimum wage, with the current N70,000 equivalent to about $53, compared with $65 for the former N30,000 wage in 2023.
Food costs remain a major source of pressure, accounting for N6 of every N10 spent by Nigerian households. Food inflation is also close to 20%, adding to pressure on household budgets. The research further showed that 56% of Nigerians had considered emigrating, up from 36% in 2017. However, emigration has dropped out of the leading savings goals among young Nigerians.
Despite the economic challenges, Eweniyi said optimism about the future remained strong, with 65% of Nigerians believing that the next generation would be better off. This figure is the highest among 28 countries surveyed and more than double the global average of 32%. Six in 10 young Nigerians also said they would rather start a business than take a formal job.
The proportion of earners providing financial support to extended family members, commonly referred to as "black tax," has fallen from more than 80% to about two-thirds. However, more than half of earners still support relatives, while friends and family have remained the main source of loans for Nigerians for three consecutive years. Eweniyi said the findings pointed to a structural income problem rather than a lack of savings discipline.
Key points
- Only 1 in 10 Nigerians can comfortably raise N156,000 within a week.
- 63% of Nigeria's population, or roughly 140 million people, live below the national poverty line.
- 65% of Nigerians believe that the next generation will be better off.
