An overview of the consumer behaviour within the Nigeria and their different income brackets.
2018
Consumer behaviour
Key Takeaway
Nigeria’s population was most recently estimated at 198 million people,
Nigeria’s population skews young with a median age of 20 years old.
The middle class in Nigeria makes up 23% of the population and has an estimated potential market value of over $28 billion USD
The largest portion of respondents (39%) reported that their monthly income was below 269000 NGN, or approximately 740 USD.
Looking at female respondents, 33% bring in between 269001 to 650000 NGN in household income. The largest portion of male respondents (46%) bring in below 269000 NGN.
87% of the 18-24 year old’s surveyed were in the lowest two income brackets, meaning only 13% brought in more than 650000 NGN a month. Also, 56% of surveyed 18-24 year old’s reported that their monthly income is under 269000 NGN.
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