What is middle class income in Nigeria?
Asked by: Kenny Shields DVM | Last update: January 11, 2026Score: 5/5 (59 votes)
Nigeria's income classification per annum according to a private report 2023. Upper Class: Above ₦80M Lower Upper Class: ₦25M - ₦79.9M Upper Middle Class: ₦10M - ₦24.9M Middle Class: ₦1.5M - ₦9.9M Lower Class: ₦300k - ₦1.49M Poor: Less than ₦300K Where do you belong?
What is the average middle class income in Nigeria?
Our findings about the Nigerian middle class are summarised below: Their average monthly income is in the range NGN75,000-100,000 ($480- 645, or roughly $6,000-7,000 pa). The middle class make up about 23% of the Nigerian population, according to African Development Bank (AfDB) data.
How many people earn over 100k in Nigeria?
Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
What is the upper class in Nigeria?
The traditional upper class is made up of the members of the Nigerian chieftaincy system. The country's oldest continuously existing institution, the chieftaincy is the only class that is officially recognized by Nigeria's government.
What salary is considered rich in Nigeria?
You Need N28. 7m To Consider Yourself Rich In Nigeria – - Family - Nairaland.
Nigeria's growing middle class have an appetite for luxury
Is 30 million naira a lot in Nigeria?
You have 30 Million Naira - that's just $65,000 and you think you are Rich. Take a deep breath - you are broke. Calm down and know that you are not close to being a millionaire. In a functional country, you will still qualify for some welfare Because you are not considered Rich.
What are the income categories in Nigeria?
Income is classified into four main categories: agricultural (growing crops or raising livestock), non-agricultural enterprise (a small shop or other form of household self- employment), wage or salary income (having an employer), and other, non-labor income.
Is second class lower good in Nigeria?
The Nigeria labour market is competitive more than ever before and to think you will get your dream job with second class lower grade may be impossible. The least you should graduate with is second class upper (2:1).
What is the difference between upper class and rich?
Sociologist Leonard Beeghley considers total wealth to be the only significant distinguishing feature of this class and refers to the upper class simply as "the rich." Beeghley divides "the rich" into two sub-groups: the rich and the super-rich.
How much do Nigerians make per month?
What is the average income in Nigeria? The average salary in Nigeria is approximately NGN 340,000 (USD 202.86) per month and NGN 4,080,000 (USD 2,406.34) per year. Note that these are gross figures.
How many people have 500k in Nigeria?
₦500,000—just $300 at the global level—is all it takes to place you in the top 5% of savers in Nigeria.
How rare is a 100K salary?
A $100,000 salary is considered good in most parts of the country, and can cover typical expenses, pay down debt, build savings, and allow for entertainment and hobbies. According to the U.S. Census, only 15.3% of American households make more than $100,000 annually.
What is a high salary in Nigeria?
The average salary in Nigeria for a full-time worker is approximately 339,000 NGN per month. Salaries in Nigeria can be as low as 85,700 NGN (this is the lowest average in the country) and as high as 1,510,000 NGN (this is the highest average) or more.
What is the median income of Nigerians in the US?
Nigerian Americans in 2023 had a median household income of $80,711 which was higher then the total population's. However, Nigerian Americans had a slightly lower per capita income ($43,030) than the total population ($43,313).
How much is middle class in Nigeria?
Nigeria's income classification per annum according to a private report 2023. Upper Class: Above ₦80M Lower Upper Class: ₦25M - ₦79.9M Upper Middle Class: ₦10M - ₦24.9M Middle Class: ₦1.5M - ₦9.9M Lower Class: ₦300k - ₦1.49M Poor: Less than ₦300K Where do you belong?
What is the standard of living rank in Nigeria?
In 2021, the World Bank ranked Nigeria the 7th worst country in its 2020 Human Capital Index. This is in spite of Nigeria being the 5th most populous nation in the world and the 7th largest labour force.
What is the average class size in Nigeria?
Classes in Nigerian schools are, in fact, quite big. The most recent available data indicate that an elementary class in Nigeria has 51 pupils on average, with around 100 children per class in certain states. In Katsina, a state located in the North-West, the average was 101 pupils per class.
What income is exempt from tax in Nigeria?
Dividends, interest, rent, or royalties derived and brought to Nigeria in convertible currency through government approved channels and paid into a local account in an approved bank is exempt from Nigerian tax.
What is the average household income in Nigeria?
The Anker Living Income Reference Value for 2020 for rural Nigeria is 138,678 NGN (365 USD)2 per month with a 95% confidence interval around it from 127,828 NGN to 150,448 NGN. This is the estimated monthly cost of a basic but decent standard of living for a typical rural family in Nigeria.
What is passive income in Nigeria?
Passive income is money earned with minimal effort. Common sources of passive income include earnings from investments, like rental property, dividends, interest on savings, or leasing equipment. Another source of passive income is ongoing earnings from something you've previously created.
How many people have 500k in their account in Nigeria?
Only about 5% of Nigerians have over N500,000 in their bank accounts — Wale Edun. The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.
Is $150 a lot of money in Nigeria?
1 dollar to Nigerian Naira last I checked was 543 but to be on the safe side let's just say 550. So that is 150 x 550=82,500 Naira. This is a very good amount and enough to groceries, transport, hang out with friends ( in not so expensive locations) watch a movie, travel within states, buy airtime, b…