Amanze Chinonye
A new financial services market report has revealed that most Nigerians survive on modest monthly incomes, with more than two-thirds earning ₦50,000 or less, underscoring deep-seated income challenges in the country.
According to The Nigerian Financial Services Market Report 2024 published by Statisense, 66.1 per cent of Nigerians earned ₦50,000 or below per month in 2024, while 85.4 per cent earned less than ₦100,000. The report further showed that 97.6 per cent of Nigerians earned below ₦200,000 monthly.
Data on employment status showed that 17.1 per cent of Nigerians were unemployed during the period under review. Among those who were employed, the largest proportion 21.2 per cent earned between ₦35,000 and ₦50,000 per month, making it the most common income range nationwide.
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Further breakdown of the figures indicated that 27.8 per cent of Nigerians earned below ₦35,000 monthly, while 19.3 per cent earned between ₦50,000 and ₦100,000. Only 8.3 per cent earned between ₦100,000 and ₦150,000, and 3.7 per cent fell within the ₦150,000 to ₦200,000 income bracket.
At the upper end of the income scale, just 2.4 per cent of Nigerians earned above ₦200,000 per month. The report noted that this group was significantly smaller than the unemployed population, with the number of unemployed Nigerians being about seven times higher than those earning above ₦200,000.
The income distribution outlined in the report underscores persistent wage stagnation and widening economic pressures, particularly amid rising inflation and cost-of-living challenges, with analysts warning that low earnings continue to limit consumer spending and financial inclusion across the country.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
