Less than one percent (0.4%) of Nigerians earn above 1 million naira, according to the Nigerian Consumer Outlook Report 2025 by the SEID, revealing the depth of income inequality in Nigeria and the limited size of its upper-income class.
The report reveals that the vast majority of Nigerians earn less than ₦100,000 or have no income at all, uncovering widespread financial vulnerability.
In contrast, just 4.9 per cent of respondents earn above ₦500,000, a group likely made up 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 states.
