SEID Says: Don’t Believe the Hype—Only 0.4% of Nigerians Command Over ₦1 Million Monthly.

SEID Says: Don’t Believe the Hype—Only 0.4% of Nigerians Command Over ₦1 Million Monthly.

A recent report by the Socio-Economic Intelligence and Data (SEID) group has unveiled a stark reality about Nigeria’s economy, particularly regarding earnings and income inequality

The report states that only 0.4% of Nigerians earn over ₦1 million monthly.

According to SEID, the vast majority of Nigerians earn significantly below this threshold, with the median income lagging far behind what is considered a living wage in many urban centers.

According to the report, “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 findings bring into focus the economic challenges faced by everyday Nigerians, from stagnant wages to soaring living costs.