Nigeria may be experiencing easing inflation, but for most citizens, financial relief remains elusive.
A new Cost of Living Report by Risevest shows that Nigeria’s median monthly income stands at ₦200,225, far below the national average of ₦467,267, and even further from what is required to live comfortably in urban centres.
The report reveals that over 80% of Nigerian respondents earn less than ₦1 million monthly, while rent, food, and transport continue to rise. Average monthly food spending stands at ₦104,118, and rent now consumes up to 50% of income for many city dwellers.
Although Nigeria recorded its first month-on-month food price drop in over 13 years in 2025, households say the impact has been limited.
“Economic recovery on paper does not always translate to comfort at home,” said Risevest CMO Eneyi Obi.
“People are stretching every naira, prioritising essentials, and making smarter financial decisions because they have to.”
A notable trend is the shift toward dollar savings and digital investment tools, particularly among middle-income earners seeking protection from currency volatility.
The report concludes that while macroeconomic indicators are improving, true recovery for Nigerians depends on income growth, affordable housing, and sustained cost control.
Middle-Income earners turn to dollar assets…
As local currencies remain vulnerable, Africans are increasingly looking outward. The Risevest’s Cost of Living Report reveals a growing preference for dollar-denominated savings and investments, especially among middle-income earners in Nigeria, Kenya, and Ghana.
In Nigeria, the largest income group, 25.27% earning between ₦200,000 and ₦499,999, is actively diversifying income streams and investing digitally to preserve value.
Similar behaviour is observed in Kenya’s emerging middle earners and Ghana’s professional class.
“People are ready to do more with what they have, if given the right tools and knowledge,” said Risevest CMO Eneyi Obi.
“That’s why making data meaningful is central to our mission.”
The report positions fintech platforms as critical enablers in this transition, offering access to global assets, clearer financial education, and protection against inflation.
