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.
Who is a middle income earner in Nigeria?
For a single income earner, a salary of around $26,000 to $78,000 qualifies one as middle-income. According to the CNBC report, the middle income range is between $56,000 /N20million and $145,000/N52. 4million.
Is $40 000 a year middle class?
1) Standard Definition Of Middle Class
$25,000-$100,000 a year is what most would consider as a middle class income.
Does Nigeria have middle class?
Numbers nonetheless are still relatively small: only 7.6 million households (roughly 40 million people) qualify for middle class status. Nigeria gets the lion share, of these 7 million, 4.1 million are Nigerians.
What percentage of Nigeria is middle class?
This means that only 24.26 per cent of Nigeria’s population belongs to the African income middle class but more than 49 per cent fall into the African assets middle class.
How much money is rich in Nigeria?
According to Forbes the 5 richest Nigerians are: Aliko Dangote (net worth US $14.4 billion), Mike Adenuga (net worth US $9.9 billion), Femi Otedola (net worth US$1.85 billion), Folorunsho Alakija (net worth US$1.55 billion), Abdul Samad Rabiu (net worth $1.1 billion).
Is 300k a good salary in Nigeria?
According to a laughable result which comes up on Google search engine, an average Nigerian earns 300 thousand naira monthly. Salaries range from 85,700 NGN (lowest average) to 1,510,000 NGN (highest average, actual maximum salary is higher). …
Is 80K a year a good salary for a family?
Your family size
Depending on the size of your family, $80,000 can comfortably cover living expenses and beyond. According to the U.S census as of 2020, the median salary for a four-person household is $68,400 per year, making 80K a substantially higher income than that of the average American.
Is 135k a good salary?
By that definition, a middle-income three-person household earns about $45,000 to $135,000. If you’re single, a salary of around $26,000 to $78,000 qualifies you as middle-income. A 2017 survey from Charles Schwab found that Americans also have a high threshold for what makes someone rich.
Is making 50k a year good?
As you can see, a salary of $50k is considered good money. However, there is ample room for improvement if you want to improve your situation. The average household income is approximately $63k. Therefore, a salary of $50k is considered below average.
How much do you need to live comfortably in Nigeria?
If you’re traveling to Nigeria, around 500$ should cover your basic monthly expenses (food, social life, a bit of shopping and other expenses) even with the recession that is in effect right now.
What is the average income in Lagos Nigeria?
A person working in Lagos typically earns around 351,000 NGN per month. Salaries range from 88,800 NGN (lowest average) to 1,570,000 NGN (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.
What is considered upper class in Nigeria?
Number of households (millions)
The survey estimates that of the estimated 169 million people in Nigeria only 3.3 million people are classified as upper class (earning above USD 140,000 p.a.) whilst more than 49 million people earn less than USD 1,400 per annum (p.a.).
Is Nigeria a low income country?
The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.
What is the average income for Nigeria?
A person working in Nigeria typically earns around 339,000 NGN per month. Salaries range from 85,700 NGN (lowest average) to 1,510,000 NGN (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.