78% of Nigerians Unable to Raise ₦75,000 in One Week

A new report by Enhancing Financial Innovation and Access (EFInA) has revealed that 78% of adult Nigerians are unable to raise ₦75,000 within seven days to address an emergency, highlighting widespread financial vulnerability across the country despite growing access to financial services.

The finding, contained in EFInA’s 2023 Access to Financial Services (A2F) Survey underscores a significant gap between financial inclusion and actual financial resilience among Nigerian households.

Rising Inclusion, Weak Financial Resilience

According to the survey, the inability of an estimated 87 million Nigerian adults to mobilize a relatively modest sum in a short period reflects weak savings capacity and limited financial buffers. This comes at a time when Nigeria has recorded improvements in formal financial inclusion, suggesting that access to bank accounts and financial products has not necessarily translated into better financial health.

Data from the survey show that Nigeria’s formal financial inclusion rate increased from 56% in 2020 to 64% in 2023, yet nearly one in four adults remains completely excluded from the formal financial system. Even among those with access, many lack the income stability and savings discipline required to cope with unexpected expenses.

Structural and Institutional Barriers

EFInA’s findings point to deep-rooted structural challenges within the financial ecosystem. Traditional banks continue to have limited reach, with hundreds of local government areas lacking adequate banking infrastructure. As a result, many Nigerians depend on informal savings groups, cooperatives, and family networks to meet financial needs.

The report also highlights uneven distribution of financial vulnerability, with rural residents, women, and low-income earners disproportionately affected. These groups often face limited access to stable employment, credit facilities, and financial education.

Heavy Reliance on Informal Credit

Broader data from the World Bank indicate that while a significant proportion of Nigerian adults borrow money, only about a quarter access formal credit channels. The majority rely on informal or semi-formal sources, which often come with higher risks and fewer consumer protections. This reliance further weakens household financial resilience during emergencies.

Economic Pressures Deepen Vulnerability

Analysts link the weak emergency savings capacity to Nigeria’s broader macroeconomic challenges, including persistent inflation, rising cost of living, and slow income growth. These pressures continue to erode purchasing power, leaving households with little or no disposable income to save.

Labour unions have also warned that the current ₦70,000 minimum wage is increasingly insufficient, arguing that it no longer reflects the realities of rising living costs. This further limits the ability of workers to build emergency funds.

Policy Targets Still Out of Reach

The Central Bank of Nigeria has set an ambitious financial inclusion target of 95%, but recent estimates place the country at about 74%, indicating that progress remains uneven. EFInA and other stakeholders stress that inclusion efforts must go beyond account ownership to focus on improving financial capability and long-term resilience.