More than 3 in 10 Nigerians are living in debt, PiggyVest has disclosed.

Despite this, more Nigerians are saving towards rent, Japa (emigration), and education, the firm revealed in its 2023 Savings Report.

The report from PiggyVest, which was a deep dive into the financial well-being and priorities of Nigerians, highlighted that emigration from Nigeria — colloquially known as japa — is the third most common goal among Nigerian income earners.

The firm stated that this follows a growing trend of Nigerians seeking to relocate in search of better economic opportunities and professional growth.

In a statement, the Co-founder and Chief Operating Officer of PiggyVest, Odun Eweniyi, said, “This report is a testament to PiggyVest’s commitment to financial empowerment and inclusivity. It shows us where we are, what we’ve done and what we’ve yet to do.

“At PiggyVest, we believe in equipping individuals with the tools and knowledge they need to secure their financial future and this report underscores our dedication to that mission.”

According to the firm, over 4 in 5 Nigerian income earners pay black tax and more than 3 in 10 Nigerians report being in debt to family and friends, a loan app, a bank, or other sources.

The firm added, “The report isn’t entirely grim, however.  From the findings, the culture of savings is still alive and well in Nigeria. 79 per cent of Nigerians report having a savings habit, with 64 per cent saving consistently and 15 per cent saving occasionally.”

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