PiggyVest, an online savings and investment platform, has reported a slight increase in income across certain demographics, even as data indicates a worsening cost-of-living crisis in Nigeria.
According to the 2025 PiggyVest Savings Report, which was based on responses from more than 26,000 people across the country’s six geopolitical zones, more than half of Nigerians begin each month unsure whether their income will cover basic expenses; only 6% say they feel financially secure.
Food inflation remains the largest contributor to Nigeria’s overall inflation, owing primarily to supply chain disruptions, high transportation costs, and insecurity in key food-producing regions. This data shows that families are cutting back on essentials, weakening the national saving culture as people focus purely on survival. 
Mounting Financial Pressure
The report says nearly three out of every five Nigerians earn less than ₦100,000 per month or have no income at all, highlighting mounting financial pressure on households as living costs rise. At the same time, 28% of Nigerians report no income, up from 20% in 2023. While this indicates a persistent segment of economic inactivity, there are signs of modest income growth at the top end of the spectrum.
Currently, 42% of Nigerians earn more than ₦100,000 per month. Those earning ₦1 million or more are expected to increase to 5% by the end of 2025—the most significant increase among all income brackets. Middle-income segments are also showing signs of improvement:
- Nigerians earning between ₦100,000 and ₦250,000 fell from 25% in 2023 to 21% in 2024, but rose to 24% in 2025.
- Earnings between ₦250,000 and ₦499,999 decreased from 15% in 2023 to 8% in 2024, but returned to 10% this year.
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Income Streams and Generational Gaps
The majority of Nigerians still rely on a single source of income, making them vulnerable to economic shocks. The data also reveals generational differences in financial resilience: 40% of baby boomers report having multiple income streams, compared to 30% of millennials and only 26% of Generation Z respondents.
Methodology and Public Reception
To gather this data, PiggyVest deployed over 90 data collectors across all six geopolitical zones to speak with Nigerians of different ages, genders, and income brackets regarding income, spending, debt, and savings.
However, some users have expressed doubt regarding the data’s accuracy. These critics point out that the PiggyVest app—which has millions of active users—did not supply the data directly from its internal user base, relying instead on external field surveys.
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