A new report says about 50.1 per cent of Nigerians spend almost all their monthly incomes on food.
A new Nigerian Consumer Outlook Report shows 50.1% of citizens allocate almost their entire monthly income to food, with 31.7% relying on self-employment as their primary income source. The SEID-conducted survey of 7,000 Nigerians also found 18.5% of households have switched to solar energy due to rising electricity costs, reflecting adaptive survival strategies in the economic downturn.
The report exposes stark income disparities: 50% earn below ₦100,000 monthly, while postgraduates dominate the ₦800,000+ bracket. Surprisingly, non-educated entrepreneurs often outearn primary school graduates, highlighting Nigeria’s thriving informal sector amid limited formal job opportunities for degree holders.