Somebody posted a topic about whether there's any middle class in Nigeria. There's still a middle class in Nigeria but it is on the verge of extinction thanks to the policies of you know who. It is interesting to note that in the 50s, post-war 60s and oil boom 70s, Nigeria had one of the largest, if not the largest, middle class in Africa. The decline started in the late 80s when IBB introduced his Structural Adjustment Policy (SAP). The strength of the naira declined and so did the purchasing power of the middle class. The steady decline of the middle class continued throughout the 90s with two different military regimes. The return of democracy brought a sign of relief to the middle class. It actually grew during Obj and Yara'dua's tenures.It started to decline again under Jonathan but the emergence of APC literally decimated what's left of the middle class.

Nowadays, you are either rich or poor. Before, the middle class could to fly both domestically and internationally but now? Only the rich can afford air travel. Pre-APC, the middle class could afford to send their children overseas to countries like the UK, US, Ireland or Canada. Now, with the exchange rate hovering at N1,000, many middle income parents are withdrawing their wards from foreign universities or sending them to countries where tuition fees are cheaper such as Cyprus, France, Romania and until recently, Ukraine.

Presently, to qualify as a middle class Nigerian, you need to be earning nothing less than N3 million naira per annum. That's even for singles. For a married person, you need an average of N5 million per annum to comfortably take care of your family. Remember I said per annum not per month. This is why the middle class are leaving in huge drones. It's only going to get worse.

Middle class still exists in Nigeria.
Below is the true classification according to liquidity.

Rich upper class ....800m and above
Rich lower class........100m-799m
Middle class upper...10m-99m
Middle class lower....5m-9m
Poor upper class......1m -4m
Poor lower class.......God abeg ...990k

I see...

shortgun:
Middle class still exists in Nigeria.
Below is the true classification.

Rich upper class ....800m and above
Rich lower class........100m-799m
Middle class upper...10m-99m
Middle class lower....5m-9m
Poor upper class......1m -4m
Poor lower class.......God abeg ...990k

You might need to review this

Nigeria needs good leadership

On what basis is this statistics? Is it based on assets, monthly earnings or yearly earnings? If it is based on yearly earnings, then 99% of Nigerians aren't earning what you just stated. You are saying that people who earn 500k per month (6 million per annum) are at the bottom of the middle class in Nigeria? That's mad. God help us.

shortgun:
Middle class still exists in Nigeria.
Below is the true classification according to liquidity.

Rich upper class ....800m and above
Rich lower class........100m-799m
Middle class upper...10m-99m
Middle class lower....5m-9m
Poor upper class......1m -4m
Poor lower class.......God abeg ...990k

shortgun:
Middle class still exists in Nigeria.
Below is the true classification according to liquidity.

Rich upper class ....800m and above
Rich lower class........100m-799m
Middle class upper...10m-99m
Middle class lower....5m-9m
Poor upper class......1m -4m
Poor lower class.......God abeg ...990k

Lol

gforce5:
On what basis is this statistics? Is it based on assets, monthly earnings or yearly earnings? If it is based on yearly earnings, then 99% of Nigerians aren't earning what you just stated. You are saying that people who earn 500k per month (6 million per annum) are at the bottom of the middle class in Nigeria? That's mad. God help us.

It's based on liquidity
(cash and other liquid assets) not salary.

maureensylvia:


You might need to review this

Inputs,contributions and criticism are allowed

shortgun:

It's based on liquidity
(cash and other liquid assets) not salary.

You are accurate