A detailed newly released report has revealed a stark income disparity in Nigeria, with less than one per cent of the population earning above ₦1 million monthly.
The Nigerian Consumer Outlook Report 2025, published by the Socio-Economic Intelligence and Data (SEID) group, places the figure at just 0.4 per cent.
The report offers an in-depth analysis of consumer behavior, income distribution, and spending power across various demographics in Nigeria.
According to SEID, the vast majority of Nigerians earn significantly below this threshold, with the median income still lagging far behind what is considered a living wage in many urban centers.
“This statistic highlights the deep-rooted inequality and the shrinking size of Nigeria’s middle class.
“With inflation at record highs and unemployment still a pressing challenge, the bulk of consumer spending is being driven by a very narrow segment of the population.” SEID noted in its executive summary.
The data further suggests that while a small elite continues to command significant purchasing power, the average Nigerian is grappling with high living costs, stagnant wages, and limited economic opportunities.
