The Nigerian Consumer Outlook Report 2025 by the SEID has revealed a stark economic reality in Nigeria, where less than 1% (0.4%) of the population earns above ₦1 million monthly. The vast majority of Nigerians earn less than ₦100,000 or have no income at all, highlighting widespread financial vulnerability.
The report also shows that only 4.9% of respondents earn above ₦500,000, likely comprising business owners, high-level professionals, and individuals earning in foreign currency. This data paints a picture of a deeply polarized economy, where a small segment controls significant financial power while the majority struggles to make ends meet.
Despite the recent increase in Nigeria's minimum wage to ₦70,000, many individuals still fall below the ₦100,000 mark. Underemployment remains a major barrier to income growth, often driven by a mismatch between labor market needs and workforce skills.
The report highlights the need for policies that address income inequality and promote economic opportunities for the majority. By understanding the economic realities faced by Nigerians, policymakers can work towards creating a more inclusive and sustainable economy.
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