94% of Nigerians are financially insecure, says Report

Co-founder and Chief Operations Officer of PiggyVest, Odunayo Eweniyi, has advocated for stronger government intervention to address Nigeria’s deepening financial insecurity among the 94 per cent that need support, as private sector innovation alone cannot resolve systemic socio-economic challenges.

Speaking yesterday at a round table on the 2025 PiggyVest Savings Report, yesterday, Eweniyi said the data paints a stark picture of Nigeria’s financial health, revealing that only six per cent of Nigerians feel financially secure, leaving a vast majority in need of urgent support.

“We cannot out-innovate social issues. If only six per cent of Nigerians are financially secure, then 94 per cent need help. While the private sector is providing solutions, many of the challenges and their fixes still lie with the government,” she said.

Eweniyi stressed that although financial technology (fintech) platforms have made strides in expanding access to savings and investment tools, structural barriers, particularly around identity verification and credit systems, continue to limit broader financial inclusion.

She emphasised that while fintech companies will continue to innovate and provide tools for financial empowerment, lasting impact will depend on coordinated efforts between the private sector and government to address underlying socio-economic issues.

Speaking on the release of the firm’s latest findings, Co-founder and Chief Marketing Officer of PiggyVest, Joshua Chibueze, disclosed that the company is deepening its data-driven insights into how Nigerians are coping financially, as rising economic pressures reshape saving and spending habits.

He said the findings reveal a notable shift in financial behaviour, noting that more Nigerians are prioritising savings for essential needs such as emergency funds and family responsibilities, rather than the japa goals.

Chibueze said the three years of consistent research are aimed at providing individuals, businesses and policymakers with actionable financial insights.

He also said the goal is to make critical financial information accessible to help guide decision-making across sectors.

Speaking on behalf of the government, the Project Coordinator for Lagos CARES at the Lagos State Employment Trust Fund (LSETF), Chidozie Ezemenyiba, called for stronger collaboration with the private sector to address unemployment and deepen support for micro, small and medium enterprises (MSMEs) across the state.

Ezemenyiba, while responding to Lagos government strategies to mitigate rising economic hardship and improve access to opportunities for residents, said broader impact can only be achieved through partnerships with private sector players to expand reach and awareness, particularly at the grassroots level.

On access to finance through the LSETF initiatives, Ezemenyiba highlighted the agency’s loan scheme, which offers up to N5 million at a single-digit interest rate of nine per cent per annum to qualified applicants.

Ezemenyiba provided an update on financial disbursements, disclosing that the fund has so far delivered over N23 billion in loans and more than N2 billion in grants to Lagos residents since inception.