94% of Nigerians are financially insecure, a new report by PiggyVest has found, painting a stark picture of household financial health in Nigeria and highlighting widespread vulnerability across the economy.
The findings were presented during a round‑table discussion on the 2025 PiggyVest Savings Report, attended by financial experts and policymakers in Lagos.
The report, compiled from data on savings behaviour, financial confidence, and economic outlook among Nigerians, shows that only six per cent of respondents feel financially secure.
Meaning that 94% of Nigerians are financially insecure and may struggle to meet essential needs or withstand economic shocks.
Co‑founder and Chief Operations Officer of PiggyVest, Odunayo Eweniyi, said private sector innovation alone could not resolve the broad socio‑economic issues revealed by the findings.
“We cannot out‑innovate social issues. If only six per cent of Nigerians are financially secure, then 94% of Nigerians are financially insecure and need support,” Eweniyi said at the briefing.
She emphasised that government intervention remains critical to addressing systemic constraints such as weak credit systems and limited identity verification infrastructure, which hinder broader financial inclusion.
The PiggyVest report highlights a notable shift in how Nigerians approach savings amid rising cost‑of‑living pressures.
Joshua Chibueze, Co‑founder and Chief Marketing Officer of PiggyVest, said the data shows a behavioural change, with many individuals prioritising emergency funds and essential household needs over long‑term financial goals.
He noted that the company’s ongoing research aims to provide insights that can guide individuals, businesses, and policymakers in navigating economic uncertainty.
Despite gains in financial technology access and mobile savings tools, the report shows that structural barriers remain.
Eweniyi pointed to challenges around identity systems and credit access as key constraints limiting the impact of fintech solutions on overall financial security.
She suggested that sustainable improvement will require coordinated efforts between the government and private sector.
Government representatives at the event echoed the need for collaboration. Chidozie Ezemenyiba, Project Coordinator for Lagos CARES at the Lagos State Employment Trust Fund (LSETF), said the state government is working to bolster financial support mechanisms for residents, including loan schemes and grants to promote entrepreneurship and self‑employment.
Ezemenyiba said the LSETF has disbursed over N23 billion in loans and more than N2 billion in grants to Lagos residents since inception as part of efforts to improve financial inclusion and resilience.
Financial insecurity as identified by the report reflects deeper economic strains faced by households across Nigeria, where high inflation, limited income growth, and rising living costs continue to erode financial stability.
Data from other surveys also indicate that many Nigerian adults lack the capacity to absorb shocks, with large shares reporting difficulty covering unexpected expenses or maintaining savings buffers.
Economists note that the large proportion of financially insecure individuals points to persistent structural weaknesses in employment opportunities, wage growth, and access to affordable credit.
Without addressing these underlying factors, the majority of Nigerians may remain exposed to financial shocks, intensifying vulnerability to poverty and economic instability.
Policy experts at the briefing called for strengthened public‑private partnerships to expand access to financial education, savings infrastructure, and targeted support for low‑income households.
They said government social safety nets and regulatory frameworks should be aligned with efforts to deepen financial inclusion, reduce vulnerability, and build resilience among economically marginalised populations.
The 94% of Nigerians are financially insecure findings underscore the magnitude of economic pressure facing households and the need for coordinated interventions to improve financial health and economic stability in Nigeria.
