- Business Insider Africa presents the top 10 things Nigerians spend their money on as the economy worsens.
- This list is courtesy of a report from PiggyVest.
- Nigerians spend most of their money on consumer goods.
Place your adverts here on InfoDig @ low rates; banner ads, sponsored links and guest articles etc. Contact us
As Nigeria’s economy continues to tank, more Nigerians are earning less while the rate of unemployment continues to spike. Additionally, the purchasing power of the average Nigerian has seen a sharp decline.
As presently constituted, a little under 50% of Nigerians can boast of having any savings. Specifically, 43% of Nigerians do not save according to the PiggyVest savings report.
Given the country’s current economic situation, other troubling statistics were highlighted in the report, including the fact that one-third of Nigerians earn less than N100,000 ($60.89).
On the subject of spending habits, 33% of Nigerians spend N50,000 ($30.44), monthly, 35% spend N50,000 to N99,000 ($54.80), 19% spend N100,000 to N199,000 ($121.17), 10% spend N200,000 ($121.78) to N499,000 ($303.83), and just 2% spend around N500,000 ($304.44) to N999,000 ($608.27) monthly.
Perhaps most concerning of all is the fact that only 1 in 100 Nigerians spends ₦1 million ($609) monthly, representing just 1%.
Asides from just how much Nigerians spend monthly, the report highlighted what Nigerians spent the most on, majority of which are basic amenities.
Below are the top 10 things Nigerians spend the most on monthly.
Top 10 things Nigerians spend their money on as the economy worsens
| 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% |
