The percentage of Nigerians saving for emigration has dropped to 10 percent from 21 percent over the past year, according to a PiggyVest report. Emigration, or “japa,” which was once the third priority for savings, has now fallen behind seven other goals, including personal education and housing.
Nigerians looking to relocate abroad are facing higher costs, exacerbated by rising inflation, which currently stands at 32.7 percent. Economic devaluation towards the end of 2023 has also impacted the situation. “I’ve been saving for my postgraduate studies for over a year, but my savings are still insufficient,” said Olamide Sotayo, an HR consultant. Many of her peers have given up and chosen to seek better job opportunities within Nigeria instead.
The report indicates that almost 30 percent of Nigerians prioritize saving for emergency funds, while only 4 percent save for wedding expenses. Currently, 47 percent save monthly, 10 percent save occasionally, and 43 percent do not save at all. This is a decline from 64 percent in 2023. Odun Eweniyi, co-founder of PiggyVest, noted that the high cost of living and financial insecurity due to job instability discourage regular savings.
Additionally, one in three Nigerians earns N100,000 monthly, with the percentage of those earning N500,000 falling to 6 percent from 14 percent in 2023. The World Bank reports that 14 million more Nigerians fell into poverty between 2023 and 2024.
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