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In Nigeria today, surviving on ₦70,000, the national minimum wage is barely enough to feed, let alone save or plan for the future.
The country is grappling with inflation, unstable exchange rates, rising food prices, and an underwhelming minimum wage. Amidst all of this, it is important to understand where you stand financially so you can plan for your life accordingly.
Cowrywise recently broke down income distribution in Nigeria, dividing citizens into clear income classes based on their average annual and monthly earnings. Let’s explore these income classes, what they earn, so you would know what income class you belong to.
4 Income Classes in Nigeria
1. Bottom 50% – Earning the Least
This group represents half of the population, which is the majority of Nigerians. On average, they earn ₦63,126 monthly or ₦757,512 per year. That means most people in this category live on roughly ₦2,000 a day. Despite making up 50% of the population, they control only 15.5% of the total national income.
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This group often includes:
Minimum wage earners
Informal workers like market traders, bus drivers, and cleaners
Part-time or underemployed individuals
They face the harshest realities of inflation and currency depreciation, often unable to meet basic needs such as food, rent, healthcare, or education.
2. Middle 40% – The Struggling Middle Class
The next 40% of the population fall into what’s generally considered the middle class. These Nigerians earn an average of ₦363,750.36 per month or ₦4,365,004.30 per year. This might include professionals such as:
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Teachers
Civil servants
Mid-level bankers
Small business owners
Skilled freelancers
At first glance, this may seem like a comfortable class. However, with rent, fuel, school fees, and food prices on the rise, many in this bracket still feel immense financial pressure. Their share of national earnings is about 41.8%, meaning they carry a large portion of the country's productivity but are constantly squeezed from both ends.
3. Top 10% – The Upper Class Income Earners
Only 10% of Nigerians are in this elite category, earning ₦870,032.74 monthly or ₦10,440,392.82 per year. These are typically high-ranking professionals such as:
Senior executives
Directors
Lower Cadre Politicians
Tech bros/girls
Legal or medical specialists
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Despite their small population size, they control 42.7% of Nigeria’s total earnings, almost the same share as the middle 40%, highlighting a serious disparity in wealth distribution. Individuals in this class are supposed to be able to own properties, drive comfortable vehicles, and travel internationally but with the inflation in the country, they struggle to even achieve this.
4. Top 1% – The Ultra-Rich
This class is the pinnacle of wealth in Nigeria. With an average monthly income of ₦4,028,877.31 and an annual income of ₦48,346,527.70, they command attention and influence. The top 1% typically include:
Billionaire businessmen
Political elites
Oil magnates
Major investors
High-level import/export traders
Tech entrepreneurs
CEOs
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This tiny group controls 11.6% of the entire country’s income, which is more than what the entire bottom 50% earns. Their wealth comes not just from salaries, but often from multiple income streams: investments, real estate, government contracts, and corporate ownership.
The disparity in income across Nigeria’s population shows just how wide the gap has grown. While some survive on ₦70,000 a month or less, others make more in a single day than many make in a year. Understanding where you fall on this scale isn't about shame or pride, it’s about awareness. It helps you:
Plan your finances better
Set clearer goals for mobility
Understand the broader economic picture
Wherever you fall on this income ladder, one thing is clear: knowing your position is the first step toward moving forward.
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