Less Than 1% Of Nigerians Earn Above N1m

Less than one per cent (0.4 per cent) of Nigerians earn above N1 million monthly, according to the Nigerian Consumer Outlook Report 2025 by the SEID, revealing the depth of income inequality in Nigeria and the limited size of its upper-income class.

The report reveals that the vast majority of Nigerians earn less than ₦100,000 or have no income at all, uncovering widespread financial vulnerability.

In contrast, just 4.9 per cent of respondents earn above ₦500,000, a group likely made up of business owners, high-level professionals, and individuals earning in foreign currency while living in Nigeria.

“This data paints a picture of a deeply polarised economy where a small segment controls significant financial power while the rest struggle with survival-level incomes,” the report states.

Despite an increase in Nigeria’s minimum wage to ₦70,000 as mandated by the National Minimum Wage (Amendment) Act 2024, a large portion of the population still falls below the ₦100,000 mark. The persistence of underemployment, often driven by a mismatch between labour market needs and workforce skills, remains a major barrier to income growth.