A new survey revealed that most residents in Lagos are struggling to make ends meet, earning less than N100,000 monthly in Nigeria’s commercial capital.
PaidHR, a human resources management startup, found that 78% of those who work in Lagos earn less than N100,000 per month, despite the state’s reputation as Nigeria’s economic hub.
The company spoke to 1,600 employees, half of whom are between 19 and 35 years old, and also employers in Lagos.
PaidHR’s Chief Executive Officer (CEO), Seye Bandele, said the rising cost of living has exacerbated the situation, as half of the respondents reported that their monthly expenses exceed their income.
“This financial strain has forced many to rely on multiple income streams just to survive,” the report says.
These workers (51.2%) have no income left after covering necessities like food, transport, rent, and utility payments. Food is the most significant of those bills, with workers spending N54,000 on food monthly—that number used to be N38,000 in 2023. Transport costs also jumped from N16,000 monthly in 2023 to N22,000 in 2024.
Only a few people (30%) have budgets for recreation, and saving is a similar luxury. For those who do manage to save, the primary motivation is rent.
Overall, men tend to save more than women, particularly married men. However, single women save more than single men.
While credit solutions are crucial for navigating economic hardships, the report reveals a significant gap in access. 70% of Lagos workers lack employer-backed loans or credit facilities.
“The report helps us understand the plight of people who earn salaries, spotlighting how they earn it, where they earn it, and what their earnings enable them to do,” Bandele said.
