Stears Business with the education today:

There are just over 10,000 high net worth individuals (HNIs) in Nigeria and 120 ultra-high Net worth individuals. The former have liquid assets above $1 million, and the latter have liquid assets above $30 million.

The most recent National Bureau of Statistics (NBS) inequality snapshot showed that the top 10% of the population accounts for over 30% of national consumption (more than the entire middle 40% of the population).

Nigeria’s annual car demand is estimated at 1.2 million, but of these, less than 100,000 are new cars.

The NBS Multiple Indicator Cluster Survey shows that less than 22% of Nigerians households own a refrigerator, which seems like a reasonable benchmark for the middle class.

Just over 2.3 million entities borrowed from retail banks in 2017 and 2.2 million of these loans were below ₦1 million.

So, the idea of Nigeria as a single economic entity is nonsensical. Inequality is so stark and such a large number of people (nearly three times the population of Canada) live a life so unrecognisable from the others that we are essentially two countries in one.

And, in conclusion, the middle class is way smaller than we think it is (a whole different problem that we can’t seem to get an exact figure).

McKinsey estimates that there are 37 million households in Nigeria. But 20 million homes without access to electricity at all.

And those 20 million homes account for most of Nigeria’s 13 million out-of-school children, suffer nearly all the one-in-five infant deaths in Nigeria.

Are you a poor Nigerian who doesn’t know it yet?

Probably.

Because most Nigerians are poor.

Are you a poor Nigerian who doesn’t know it yet?: https://mailchi.mp/stearsng/the-imf-expects-nigeria-to-grow-faster-2277821