About 3 out of 10 Nigerians earned below N100,000 monthly in 2025, making it the largest income bracket in the country.
This is according to a Piggvest Saving Report 2025, highlighting persistent income pressure despite signs of growth at higher earning levels.
The report also shows that 28% of Nigerians reported having no income, up from 20% in 2023 and unchanged from 2024, showing a sustained level of economic inactivity even as the country navigates ongoing reforms.
What the Piggyvest report is saying
While low-income earners dominate, there are indications of modest improvement at the top end of the income spectrum.
- “In 2025, nearly 3 in 5 Nigerians report either having no monthly income or earning below N100,000 monthly.
- “ After a significant decline in 2024, the proportion of Nigerians who report earning N1,000,000 and above (which collapsed from 6% in 2023 to just 2% in 2024) has bounced back to 5% in 2025.
- “During the same period, there has been an encouraging rise in the number of people earning below N100,000 monthly, making it the single largest income band for 2025. Similarly, the share of Nigerians earning between N250,000 and N499,999 has grown from 8% in 2024 to 10% in 2025.
- “However, the percentage of respondents earning no income has remained stubbornly high. It spiked from 20% in 2023 to 28% in 2024 and has remained steady at 28% in 2025.’’ The piggvest report stated.
Income levels also vary by gender, with women slightly more likely than men to fall into the lowest income bands or to report having no income. Women are overrepresented in the lowest-earning categories: 60% of female respondents surveyed earn below N100,000 or report no income, compared with about 56% of men. However, men consistently outnumber women in every income bracket from N100,000 and above.
This disparity widens significantly as income increases. For example, men are nearly twice as likely as women to earn a monthly income of N1,000,000 or more. At the very top of the pyramid, the gap is even starker: men are about 2.14 times more likely than women to earn 5,000,000 and above. These differences likely reflect a combination of labour market gaps, household dynamics, and differences in access to formal employment opportunities.
According to the report on paper, the economy is stabilising. Macro-level reforms and moderating inflation are showing up in the headlines.
On the ground, however, the strain hasn’t let up. The lived experiences of Nigerians, as reflected in this report, reveal income volatility, rising essential expenses, limited financial buffers, and widespread reliance on informal support systems.
What you should know
Its 2024 report showed that more than one in three Nigerians earn below N100,000 monthly, which is barely sufficient to cover basic expenses, let alone support additional family members.
Also, the report indicated a gender disparity, with men being 1.4 times more likely than women to earn a monthly income of N1,000,000 or above.
Despite this, women are reportedly more inclined to engage in business ownership, surpassing men in entrepreneurial pursuits.
A new addition to this year’s 2025 report, the financial satisfaction lens, reveals the gap between effort and experience. While many Nigerians budget, save, and plan actively, only a small share feel secure or ahead in their financial journeys. Financial satisfaction emerges not only from income, but also from stability, predictability, and the ability to absorb shocks without derailing progress.
