Report shows less than 1% of Nigerians earn above N1m per year, while Edun claims economy already growing at 3.4% annually
By Jeph Ajobaju, Chief Copy Editor
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, exposing the depth of income inequality and limited size of upper-income class in the country.
The report coincides with the pitch to investors in Washington by Finance Minister Wale Edun that the federal government has laid the foundation to boost Nigeria’s economic growth from current 3.4 per cent per year (on paper) to 7 per cent.
His claim flies in the face of citizens complaining that they do not see or feel such economic growth amid widespread poverty and steep erosion of purchasing power.
The wage report said the vast majority of Nigerians earn less than ₦100,000 per month or have no income at all, uncovering endemic financial vulnerability.
In contrast, just 4.9 per cent of respondents earn above ₦500,000 – a group likely consisting 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 stressed.
Despite an increase in Nigeria’s minimum wage to ₦70,000 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.
Edun on Nigeria’s path to 7% annual GDP growth
Edun announced at an investors’ forum in Washington on Tuesday that Nigeria through its veracious reforms has laid the foundation that would facilitate the participation of private investors in the country’s quest for 7 per cent annual Gross Domestic Product (GDP) growth annually.
He sought investments in infrastructure, manufacturing, and agriculture.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso chimed in that Nigeria’s economy is on a path of stabilisation and recovery following months of tough but necessary reforms.
Edun said the Bola Tinubu administration has implemented foundational reforms that are now yielding results, with the economy expanding at 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
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