The plight of a nation living on the edge of survival

When only 6 percent of a nation’s population says it feels financially secure, the conversation cannot be about optimism; it must be about urgency. The Piggyvest Savings Report 2025 has done more than present a statistic by exposing a structural failure. In a nation of over 200 million people, that figure translates into a narrow elite of financial stability surrounded by a vast majority navigating daily uncertainty.

The troubling question is not simply why 94 percent of Nigerians feel financially insecure. It is what the 6 percent are doing differently and whether their strategies can be scaled, replicated, or even made accessible to the rest.

At the heart of the matter lies income. The report shows that nearly three in five Nigerians either earn below N100,000 monthly or have no income at all. This is not merely a savings problem; it is an earnings crisis. Financial security begins with predictable and sufficient income, and for most Nigerians, that foundation is either weak or nonexistent.

Those in the 6 percent appear to have cracked a few critical codes. First, they earn beyond the local economy. Many are plugged into global value chains – freelancing, exporting services, or monetising digital skills. In a nation where the naira continues to struggle, earning in foreign currency or tapping international markets provides a crucial buffer.

Second, they demonstrate disciplined financial behaviour. While savings rates have dropped nationwide, from 64 percent in 2023 to 40 percent in 2025, the financially secure minority tends to prioritise consistent saving, even in small amounts. More importantly, they save with purpose (emergency funds, investments, and long-term planning), rather than reactive or sporadic saving.

“But here lies the uncomfortable truth. What works for the 6 percent is not easily transferable to the 94 percent without systemic change.”

Third, they leverage financial tools effectively. Whether through fintech platforms, investment vehicles, or diversified income streams, the 6 percent are not passive participants in the economy. They actively manage risk, seek returns, and adapt quickly to changing conditions.

But here lies the uncomfortable truth. What works for the 6 percent is not easily transferable to the 94 percent without systemic change.

Take the celebrated rise of the digital and creative economy. Stakeholders at the Piggyvest roundtable pointed to opportunities in content creation, digital services, and cultural exports. Indeed, Nigerian music, film, and art have gained global recognition. Platforms that enable creators to sell knowledge and products internationally are opening new doors.

Yet, these opportunities require infrastructure, reliable internet, stable electricity, access to devices, and digital literacy. For millions of Nigerians, these are still luxuries. The idea that a struggling household, with no steady income, can simply ‘pivot to digital’ ignores the structural barriers they face.

The same applies to savings culture. It is unrealistic to expect people who are barely meeting basic needs to prioritise saving. When households are forced to choose between food, transport, and rent, savings become a theoretical concept rather than a practical habit. This explains why six in ten Nigerians have no emergency savings. It is not always a lack of discipline; often, it is a lack of surplus.

Inflation has compounded the problem. As prices rise, incomes lag behind, eroding purchasing power. Even those who attempt to save find their savings losing value. The shift, as noted by stakeholders, has been from planning for the future to surviving the present.

Still, the 6 percent offer lessons, not as a blueprint, but as a direction.

The implications are clear, as Nigeria must urgently address its income problem. Job creation cannot remain a slogan; it must translate into real, productive employment, particularly for young people, whom the report identifies as the most vulnerable group. With 40 per cent of Gen Z respondents reporting no income, the nation risks nurturing a generation locked out of economic participation.

Similarly, access to opportunity must be democratised. If the digital economy is to be a pathway out of poverty, then investments in infrastructure are non-negotiable. Broadband access, stable power supply, and affordable devices should be treated as economic priorities, not optional upgrades.

Equally, financial inclusion must go beyond opening accounts. It must involve equipping Nigerians with the knowledge and tools to manage money effectively. This includes financial literacy, access to low-risk investment options, and protection against predatory financial practices.

Policy also has a decisive role to play. Recent tax reforms and efforts to stabilise macroeconomic indicators may offer some relief, but stability alone is not enough. Growth must be inclusive, as small and micro businesses, which form the backbone of the economy, need more than talks – they need access to affordable credit, training, and markets.

Public-private partnerships, as highlighted at the roundtable, could be a game-changer if implemented transparently and at scale. Programmes that connect entrepreneurs to funding, mentorship, and digital platforms can help bridge the gap between potential and reality.

However, policy consistency is key. Frequent changes, regulatory uncertainty, and weak implementation have historically undermined well-intentioned reforms. Without trust in the system, even the best policies will fail to deliver impact.