In light of the worsening economic situation in Nigeria, Apples Bite Magazine presents a detailed breakdown of the top spending habits of Nigerians. This list is based on the latest report from PiggyVest, highlighting the challenges faced by the average Nigerian in managing their finances.
The report reveals a concerning trend: nearly half of Nigerians are unable to save, with 43% reporting no savings at all. The savings report underscores the financial struggle many face, particularly in light of the country’s economic challenges.
In terms of income, the situation is equally troubling. A staggering one-third of Nigerians earn less than ₦100,000 (about $60.89) per month, which limits their spending power. The spending breakdown reveals further discrepancies in the average Nigerian’s expenditure:
- 33% spend between ₦50,000 ($30.44) per month.
- 35% spend between ₦50,000 and ₦99,000 ($54.80).
- 19% spend between ₦100,000 and ₦199,000 ($121.17).
- 10% spend between ₦200,000 ($121.78) and ₦499,000 ($303.83).
- Only 2% spend between ₦500,000 ($304.44) and ₦999,000 ($608.27) monthly.
- Alarmingly, just 1% of Nigerians spend ₦1 million ($609) or more each month.
While the amounts spent vary widely, the report also details the top categories of expenditure for Nigerians. The majority of spending is directed towards basic needs and living expenses, with food and transportation taking up the largest portions of household budgets.
Here are the top 10 things Nigerians are spending the most on each month:
| Rank | Largest Personal Expenses | Amount Spent Monthly (% of Nigerians) |
|---|---|---|
| 1. | Food and groceries | 83% |
| 2. | Transport | 48% |
| 3. | Bills and utilities | 38% |
| 4. | Clothing | 35% |
| 5. | Childcare | 24% |
| 6. | Housing | 23% |
| 7. | Healthcare | 18% |
| 8. | Education | 14% |
| 9. | Family and support | 11% |
| 10. | Clubs | 8% |
The statistics paint a clear picture of where Nigerians are allocating their funds, with essential services and goods dominating the list. This report from PiggyVest highlights not only the financial pressures but also the financial priorities of the average Nigerian in today’s tough economy.
Judith Iyoh writes fashion, lifestyle and real estate investment.
