Approximately 34% of the population are classified as middle class and earn between USD 14,000 and USD 50,000 p.a., whilst 47% of the population are classified as either poor or lower class and earn less than USD 1,400 p.a.
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.
What is a 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.
Which country has the fastest growing middle class?
As a result, Africa now has the fastest-growing middle class in the world. Some 313 million people, 34% of Africa’s population, spend USD 2.20 a day, a 100% rise in less than 20 years, according to the African Development Bank.
What is the median income in Nigeria?
The median salary is 339,000 NGN per month, which means that half (50%) of the population are earning less than 339,000 NGN while the other half are earning more than 339,000 NGN. The median represents the middle salary value.
What is the average income per person in Nigeria?
Economy of Nigeria
|GDP growth||2.3% (2019) -6.1(2020) 2.5 (2021est)|
|GDP per capita||$2,432(nominal, 2021 est.) $5,280 (PPP, 2021 est.)|
|GDP per capita rank||135th (nominal, 2020) 137th (PPP, 2020)|
|GDP by sector||agriculture: 21.96% industry: 23.65% services: 54.39% (2020 est.)|
What is upper class income in Nigeria?
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 $100 a lot in Nigeria?
Largely depends on who you ask. $100 is around 36,000 Naira which is twice our current official minimum monthly wage. To someone who earns minimum wage, which unfortunately is the bulk of the Nigerian populace, it is a lot of money.
Who is considered 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 $1.1 billion).
How much do you need to live comfortably in Nigeria?
If you’re traveling to Nigeria, around 500$ 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.
Is the US richer than Canada?
While both countries are in the list of top ten economies in the world in 2018, the US is the largest economy in the world, with US$20.4 trillion, with Canada ranking tenth at US$1.8 trillion.
What is the Chinese middle class?
While there is no standard definition of “middle class,” most metrics use income bands to differentiate between economic classes. For instance, the Chinese government defines incomes ranging from $7,250 to $62,500 (RMB 60,000 to 500,000) per year as middle class.
What country has largest middle class?
For decades, the United States boasted the honor of having the richest middle-class. However, as of 2019, Canada has the wealthiest middle class of any country in the world.
Is Nigeria richer than India?
India has a GDP per capita of $7,200 as of 2017, while in Nigeria, the GDP per capita is $5,900 as of 2017.
How much is rent in Nigeria?
Cost of living in Nigeria chart
|Accommodation (monthly rent)|
|Three-bedroom apartment in city centre||NGN 400,000|
|Three-bedroom apartment outside of city centre||NGN 80,000|
|One-bedroom apartment in city centre||NGN 150,000|
|One-bedroom apartment outside of city centre||NGN 40,000|
Is $50 a lot of money in Nigeria?
To answer your question, $50 is worth just about NGN17,750 (using $1 = NGN355). Where NGN represents Nigerian Naira. You can only do grocery shopping with that amount of money and if you’re a spender, that may not last you more than a day.