Afrigather Lagos, Nigeria’s financial powerhouse, is a metropolis of contrasts. Whereas the massive buildings in its enterprise districts signify wealth and ambition, its residents’ salaries inform a distinct story. If you happen to earn greater than ₦200,000 month-to-month, you’re an outlier in Nigeria’s business capital. Most individuals who work in Lagos (78%) earn lower than ₦100,000.
These information factors are from the State of the Employed report by PaidHR, a Nigerian startup that helps companies handle their HR capabilities. The corporate spoke to over 1,600 staff—half of whom are 19 to 35—and employers in Lagos.
“[The report] helps us perceive the plight of people that earn salaries, spotlighting how they earn it, the place they earn it, and what their earnings allow them to do,” stated Seye Bandele, PaidHR CEO.
As Nigeria’s cost-of-living disaster deepens, half of working Lagosians spend greater than they earn month-to-month. They resort to second revenue streams to complement these earnings.
These employees (51.2%) haven’t any revenue left after overlaying requirements like meals, transport, hire, and utility funds. Meals is probably the most important of these payments, with employees spending ₦54,000 on meals month-to-month—that quantity was once ₦38,000 in 2023. Transport prices additionally jumped from ₦16,000 month-to-month in 2023 to ₦22,000 in 2024.
Only some individuals (30%) have budgets for recreation, and saving is an analogous luxurious.
For many who do handle to avoid wasting, the first motivation is hire. Total, males have a tendency to avoid wasting greater than girls, notably married males. Nonetheless, single girls save greater than single males.
Whereas credit score options are essential for navigating financial hardships, the report reveals a major hole in entry. 70% of Lagos employees lack employer-backed loans or credit score amenities. This presents a possibility for digital lenders to develop credit score options tailor-made to those particular wants.
The nation’s financial woes have additionally affected the productiveness of those employees. 55% of employees surveyed stated the nation’s economic system has affected their productiveness at work. Whereas monetary pressure is a key issue, a stunning 58% of respondents blamed their psychological well being and lack of employer assist for poor efficiency at work.
