A new report from PiggyVest, the foremost digital savings and investment platform in West Africa, has provided a deep dive into the financial wellbeing and priorities of Nigerians. The release of the report also coincides with the annual World Savings Day campaign, which originated in Italy and was created to emphasize the importance of saving money.
According to the report, emigration from Nigeria – colloquially known as japa – is the third most common goal among Nigerian income earners. This follows a trend of Nigerians seeking to relocate in search of better economic opportunities and professional growth. Other savings goals in the top 3 are Rent/Housing and Personal Education.
The report explores various aspects of financial wellbeing, including income, saving and spending habits, emergency funds, unplanned gifts & expenses, debt and future financial plans, and is based on insights obtained from a survey of over a thousand Nigerians of different ages, genders, and income brackets.
Another key finding from the report concerns black tax and debt. Over 4 in 5 Nigerian income earners pay black tax, the report reveals, making it a significant expense category for many Nigerians. Also, more than 3 in 10 Nigerians report being in debt to family and friends, a loan app, a bank or other sources.
The report isn’t entirely grim, however. From the findings, the culture of savings is still alive and well in Nigeria. 79% of Nigerians report having a savings habit, with 64% saving consistently and 15% saving occasionally.
Odun Eweniyi, Co-founder and Chief Operating Officer of PiggyVest says the report goes beyond the statistics to recognize the aspirations, challenges, and potentials of Nigerians. “This report is a testament to PiggyVest’s commitment to financial empowerment and inclusivity. It shows us where we are, what we’ve done and what we’ve yet to do,” she said.
According to Akintunde Oyebode, Commissioner of Finance, Ekiti State, “the report contains incredible insight for those responsible for shaping monetary and fiscal policies at national and even sub-national levels.”
“At PiggyVest, we believe in equipping individuals with the tools and knowledge they need to secure their financial future, and this report underscores our dedication to that mission,” Eweniyi added.
Click here for the condensed web experience or to download the full report.