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Average Household Income Nigeria

Average Household Income Nigeria

It will be quite pointless to state that Nigeria is a very important nation in the world. It is the most populous country in Africa, as well as the economically most important in the continent. Nigeria serves as a home to over 186 million people. This country gained independence in 1960, about 67 years ago. However, if asked, how well is Nigeria doing in terms of the living condition of its citizens? The answer is ‘very bad’. One question often asked by numerous citizens of this country, is: what is the average household income Nigeria presently? We intend to provide an answer to this question, but before we do, we want to discuss the country.

Average Household Income Nigeria

Average Household Income Nigeria

Nigeria, formally known as the Federal Republic of Nigeria, is a great West African country, made up of 36 states and a Federal Capital Territory, Abuja. This country gained independence on October 1, 1960, after years of being ruled by the British. The country shares its border with the following places: Benin Republic, Cameroon, Chad and the Atlantic Ocean. With the English Language being the official language of this country, Yoruba, Hausa and Igbo are the major non-official languages in the country. In Nigeria, the following are some minor non-official languages: Birom, Edo, Efik, Fulfulde, Gbagyi, Hyam, Ibibio, Idom Igala, Igbira, Ijaw, Ikwerre, Itsekiri, Jukun, Kanuri, Atyap, Margi, Nup, Tiv, and Urhobo-Isoko. The major ethnic groups in the country are Hausa, Yoruba, and Igbo. Hausa makes up about 25 percent of the country’s population, Yoruba makes up about 21 percent, and Igbo makes up about 18 percent of the country’s population.

Nigeria is majorly made up of Muslims and Christians, who exist in a rough ratio of 1:1. After the country gained independence in 1960, the country experienced a civil war between 1967 and 1970. The Federal Republic of Nigeria ranks as the country with the highest population in the whole of Africa. In the world, it ranks as the seventh most populous. Countries ahead of it are: Republic of China (1,387,910,000 people), India (1,324,850,000 people), United States of America (326,230,000 people), Indonesia (261,890,900 people), Pakistan (209,816,000 people) and Brazil (208,355,000 people). Furthermore, Nigeria has the largest economy in Africa, ahead of South Africa. On the world ranking of the largest economies, this country occupies the 20th position.

The name Nigeria was coined by Flora Shaw, the wife of Lord Lugard. According to history, this name is a derivative of River Niger area. River Niger is an iconic African river that runs through the country. Nigeria is made up of 36 states and a federal capital territory. These 36 states are namely: Abia, Adamawa, Anambra, Akwa Ibom, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Edo, Ekiti, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara. The federal capital territory of the country is known as Abuja. In Nigeria, there are 5 popular cities with a very high population of people. These cities are: Lagos (8,048,430 people), Kano (2,828,861 people), Ibadan (2,559,853 people), Benin City (1,147,188 people) and Port Harcourt (1,005,904 people).

Economy

Average Income

Average Income

Nigeria’s economy is a mixed economy, with oil and agriculture being the major elements constituting it. Back in 2010, over 30 percent of Nigeria’s population is involved in agriculture. The major crops produced in the country are beans, sesame, cashew nuts, cassava, cocoa beans, groundnuts, gum arabic, kola nut, maize (corn), melon, millet, palm kernels, palm oil, plantains, rice, rubber, sorghum, soybeans, and yams. Of these crops, cocoa and rubber are the crops that generate the highest income for the country. Before the Nigerian civil war, the country was capable of producing enough food to feed its population. However, at the moment, the country is unable to provide enough food to feed its population.

Oil contributes greatly to the Nigerian economy. In the whole world, the Federal Republic of Nigeria ranks as the 12th largest producer of petroleum. Not only is it the 12th largest producer of petroleum, it is also the 8th largest exporter of petroleum. Furthermore, the country has the 10th largest proven reserve. Petroleum contributes about 40 percent of the country’s GDP, while it accounts for about 80 percent of the federal government of Nigeria earnings. Although Nigeria has a great performance in the world’s oil sector, it is not exporting at 100% capacity. The reason for Nigeria’s inability to export at 100% capacity, can be accounted for by the Niger Delta agitation.

Nigeria is among the top 50 countries in the world where the highest magnitude of services is being rendered to the citizens. On this ranking, Nigeria occupies the 27th position. On the African equivalent of the ranking, Nigeria sits at the first position on the list. Furthermore, Nigeria’s telecommunication market is one of the fastest growing in the world. Businesses in the Nigerian telecommunication market include MTN, Glo, Airtel, and 9mobile. Unlike numerous African countries, Nigeria has a good number of satellites. In 2003, Nigeria launched Nigeriasat-1. Giving details, the satellite was launched on September 27, 2003, in Russia. Not long after the launching of the first satellite, Nigeria went ahead to launch NigeriaSat-2. NigeriaSat-2 was built by a company in the United Kingdom, Surrey Space Technology Limited. The country also has other satellites, launched after NigeriaSat-2.

What Is The Average Household Income Nigeria

A lot have been said already about Nigeria, its time to discuss the main issue of this article. In Nigeria, the average household income on a yearly basis is about 650,000 NGN. The monthly average household income is about 54,167 NGN. This average household income shows that a large population of Nigerians are living below the poverty line.

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Updated: December 8, 2017 — 8:19 am

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