Only one in 10 Nigerians can comfortably raise ₦156,000 within one week, according to findings presented by PiggyVest at OpenHouse Lagos 2026, highlighting the financial pressure facing households across the country.

Speaking at the event, Odunayo Eweniyi, Co-founder and Chief Operating Officer of PiggyVest, said Nigeria is currently experiencing what she described as “a tale of two Nigerias” — an economy that may show improvements in headline indicators while many households continue to struggle with rising living costs.

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According to the report, 58 per cent of Nigerian adults earn below ₦100,000 monthly or have no income, while six in 10 Nigerians reportedly do not have emergency funds. PiggyVest also said the proportion of Nigerians saving money has declined from about eight in 10 people to five in 10, with inadequate income identified as a major reason for the decline.

The report further highlighted the rising cost of food. PiggyVest said the cost of preparing a pot of jollof rice has increased by 624 per cent over the past decade, with the current cost estimated at about 42 per cent of the ₦70,000 minimum wage.

The presentation also compared the purchasing power of the minimum wage, noting that Nigeria’s minimum wage increased from ₦30,000 in 2023 to ₦70,000, but its reported dollar value has fallen from about $65 to $53, reflecting the impact of exchange-rate changes and inflation on purchasing power.

On food expenditure, PiggyVest said Nigerians spend about 60 per cent of their income on food, describing the figure as the highest among countries tracked by the United States Department of Agriculture. The report contrasted this with the United States, where less than 10 per cent of household income is reportedly spent on food.

The report also noted that interest in leaving Nigeria, popularly known as “Japa,” has increased by 56 per cent, although savings specifically set aside for relocation have reportedly fallen sharply.

At the same time, PiggyVest said a significant number of Nigerians continue to choose to build their lives in the country, driven partly by optimism about the future despite the economic difficulties.

The report estimated that 63 per cent of Nigerians, or about 140 million people, are living in poverty, while more than half of Nigerian earners continue to support members of their extended families. However, it said the number of people making so-called “Black Tax” payments had dropped by about 80 per cent.

PiggyVest also reported that only 6 per cent of Nigerians feel financially secure, suggesting that financial security is linked not only to income levels but also to consistent saving habits.

Eweniyi’s presentation ultimately highlighted the contrast between improving macroeconomic indicators and the financial experience of households, arguing that while economic data may point to recovery, many Nigerians continue to feel poorer because their incomes have not kept pace with the cost of living.