As Nigeria's economy continues to struggle, a new report by PiggyVest has shed light on the spending habits of Nigerians. The report reveals that the majority of Nigerians, 83%, spend their money on food and groceries, followed by transport, bills, and utilities.

The report also highlights the stark reality of the economic situation, with 43% of Nigerians not having any savings, and one-third earning less than N100,000 ($60.89) per month. Furthermore, only 1 in 100 Nigerians spends ₦1 million ($609) monthly, representing just 1%.

The top 10 things Nigerians spend their money on monthly, according to the report, are: food and groceries, transport, bills and utilities, clothing, childcare, housing, healthcare, education, family and support, and clubs. This list underscores the importance of basic amenities in the daily lives of Nigerians.

The report's findings have significant implications for startups and businesses operating in Nigeria, highlighting the need to focus on providing affordable and essential products and services that cater to the needs of the masses.