Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.
Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.