Report identifies main source of income in Nigeria, reveals how many earn above N300k monthly

• There is simply a caller user survey study to amusement however overmuch Nigerians earn, and wherever the earning opportunities are
• According to the report, astir Nigerians inactive gain nether 300,000 monthly, with lone a negligible fewer earning supra N1 million
• This is the concern adjacent arsenic ostentation has defied each predictions and started rising again

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

As ostentation continues to shrink the purchasing powerfulness of Nigerians, surveys are revealing an adjacent wider income disparity.

According to the Nigerian Consumer Outlook Report 2025 by the SEID, lone astir 5% of Nigerians person a monthly income of N500,000 oregon above.

This fig includes astir 0.4% that gain supra N1 cardinal naira, and 4.9% that gain supra N500,000 monthly.

Expert investigation person shown that the monetary worth of income earned has declined sharply successful caller years. Photo credit: Picture alliance/Majority world
Source: Getty Images

The survey reveals that this radical of individuals are mostly entrepreneurs, high-level professionals, and Nigerian residents who gain successful overseas currency.

This shows an astir non-existent mediate to precocious class, arsenic fiscal vulnerability deepens successful the country.

The study besides shows that method and in-demand skills unlocks the potentials for higher earnings, vocation mobility and entree to opportunities, and underemployment is sometimes connected to a deficiency of these skills.

The geographical dispersed shows that portion the South West has the highest fig of radical earning supra N900,000, indicating a higher beingness of economical opportunities there.

The North westbound has the lowest stock with implicit 96% earning nether N300,000, portion the North eastbound has 95.7% earning nether N300,000, BUSINESSDAY reports.

Other areas similar the South South has 80.6% earning beneath N300,000, the South East has 81.1% portion the South westbound has 84.3% earning nether 300,000 monthly.

Income organisation successful Nigeria

On the different extremity of the spectrum are a ample fig of Nigerians who gain little than N100,000 monthly, and immoderate with nary monthly income.

It reads;

“This information paints a representation of a profoundly polarised system wherever a tiny conception controls important fiscal powerfulness portion the remainder conflict with survival-level incomes.”

This corroborates the information from the International Monetary Fund (IMF), which says that Nigerians are present poorer than Ghanaians.

Educational levels besides look to beryllium correlated with income potentials, with postgraduate grade holders much apt to gain supra N800,000, and archetypal grade holders dominating the N100,000 and N800,000 range.

Interestingly, the larger proportionality of unemployed radical person a Senior School Certificate (SSCE) oregon little qualification, though determination are inactive immoderate without ceremonial education that are thriving arsenic entrepreneurs with precocious incomes.

Report identifies main root of income

The study besides shows that self-employment accounts for the highest root of income with 42.9%, portion wage oregon wages relationship for 41.14%.

This is not unconnected with the emergence successful online entrepreneurship, wherever radical tally businesses without incurring the costs attached to carnal retail stores.

Investments and dividends relationship for astir 7.9% of income, portion rents relationship for 4.4%. About 3.4% person nary income at all, according to the report.

Inflation is connected the emergence successful Nigeria

Meanwhile, inflation continues to emergence contempt the rebasing of the Consumer Price Index successful January 2024.

IMF information says that radical successful adjacent countries including Ghana present gain much than Nigerians successful dollar terms. Photo credit: FG Trade
Source: Getty Images

Inflation climbed from 23.18% successful February to 24.3% successful march 2025, according to the latest CPI study from the National Bureau of Statistics.

This shows a worsening concern for the mediate and low-income earners, arsenic the outgo of surviving becomes unbearable.

Nigeria's mean income declines again

In related news, Legit.ng reported that the mean income per idiosyncratic successful Nigeria has reduced to $835.49 successful 2025.

A driblet successful Nigeria’s per capita income means that Nigerians are earning little connected mean oregon that economical maturation has remained dilatory comparative to colonisation growth.

According to caller information from the International Monetary Fund (IMF), the driblet represents a 4.73% autumn from $877 successful 2024, showing the accordant depreciation of household incomes arsenic the outgo of surviving situation escalates.

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Source: Legit.ng