5% of Nigerians earn over ₦1M monthly, but inflation erodes gains
Piggyvest's 2025 report reveals 5% of Nigerians now earn ₦1M ($723.26) or more monthly, up from 2% in 2024. While income growth spans brackets (10% middle-income, 23% lower-middle), inflation at 15.06% outpaces wages. Median income ₦200,225 buys less as food inflation (12.12%) dominates 72% of spending. Only 40% save consistently despite 53% having no savings. Gen Z most affected, with 78% unable to raise emergency funds. Debt remains low (20% owe money), but consumption constrained.