Report: 40% Men Likely to Earn N1m Monthly Than Women

Omolabake Fasogbon…

A recent savings report by PiggyVest has highlighted a significant gender income gap in Nigeria, revealing that men are 40 percent more likely than women to earn at least N1 million in a month. The report which was based on a survey of over 10,000 Nigerians was a key discussion point at the 2025 PiggyVest Finance Roundtable held in Lagos, recently.

The roundtable brought together finance and tech experts from both public and private sectors to analyse findings and explore solutions to bridge  financial gender gap.

The report revealed further that 26 percent of Nigerians reported owning businesses, with women were more likely to be business owners than men, noting however that such businesses remain micro-enterprises rather than scalable ventures. 

Commenting on the report, the Finance Creator Ibiyinka Ibru said, “One of the reasons women are more likely to own businesses than men is exclusion from the workforce due to flexibility. “That drop-off happens when women start families. In terms of micro-businesses, most of these women are not starting these businesses to scale but to survive and feed their families.”

In his remark, Co-founder and Chief Marketing Officer of Piggyvest, Joshua Chibueze, expressed optimism on the impact of the report.

“The consistency is starting to show some results. We are seeing that this report has become a reliable data source for companies and individuals making economic and personal financial decisions. If we keep this up, this report can become a reference point for the government, PhD theses, or researchers to see how the economy has evolved over time.”

Associate Vice President, Branding and Storytelling, Flutterwave, Yewande Akomolafe-Kalu decried challenges faced by women in accessing loans and scaling their venture, urging more financial education and targeted interventions for women. 

On her part, Commercial Manager at Travelstart, Bulky Akomolafe said, “Women have been excluded from financial services, and we need to tailor more solutions to the real-life experiences of women like care-giving. This is only possible if women are building products, making decisions in companies, and starting and leading these communities.”