“Na to Start Business”: New Report Reveals How Long Nigerians Have to Work to Make $1m
- An average Nigerian worker will have to work for many generations to become a dollar millionaire
- A new study ranks Nigeria 99th on the list of 102 countries where it takes a long time to make $1 million
- It will take about 519 years and one month for Nigerian workers to make $1 million
A new study conducted by Picodi.com has calculated how long it will take an average Nigerian worker to make the first $1 million.
The study ranked Nigeria 99 out of 102 countries surveyed. The study discovered that an average employee in Nigeria must work for 519 years and one month to make $1 million, making Nigeria one of the countries where it takes the longest to become a dollar millionaire.
Source: Getty Images
Top five countries where workers can make $1 million fast
Switzerland ranks top of the list, with an average employee making their first $1 million in 14 years and three months.
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Singapore comes second, with employees taking 16 years and 11 months to become dollar millionaires, followed by Luxembourg, which takes 17 years and four months to achieve the feat.
The US and Iceland rank among the top five countries on the list, where it takes 19 and 20 years and 11 months to become an employee millionaire.
South Africa and Kenya rank better than Nigeria
Despite Nigeria ranking higher than African countries like Uganda, Egypt, and Pakistan, there still needs to be a massive gap between Nigeria and South Africa. It takes 68 years and three months for an average worker to earn $1 million.
Kenyan workers will earn $1 million faster than Nigerians as they would work 209 years and seven months.
The study unearths a chilling economic disparity between countries and the difficulty facing workers in some nations worldwide who wish to accumulate wealth.
BusinessInsider reports that Picodi’s report is based on average wages and does not record the impact of inflation, taxes, and other factors affecting earning power.
Nigerian workers cry for a pay increase
An average Nigerian worker earns less than $25 monthly as minimum wage, and workers have been clamouring for pay raises.
In April this year, the Nigerian government announced a 40% pay raise for workers in Nigeria.
Analysts have said Nigeria’s human capital development and investment are sluggish, and the rising poverty rate in the country is a source of concern.
Andrew Igiebor, a financial analyst and journalist, decried Nigeria’s investment in its people, saying most Nigerians spend their earnings on food and health care.
Igiebor said.
“How much does an average Nigerian worker earn? Even when the salary comes, 70% is spent on food, medical bills, etc. The primary priority of a country is to subsidise such things as food and health care. With that, citizens can save up for important things.”
While Nigeria has made progress in recent years to reduce poverty and promote economic growth, there is still much work to be done to ensure that everyone has access to necessities and the opportunity to succeed.
FG reportedly approves pay raise for civil servants, Ngige shares details
Legit.ng reported that Chris Ngige, the minister of labour and employment, Chris Ngige, says the federal government has approved a pay raise for civil servants in the country.
The minister disclosed this when he appeared as a guest on Channels TV on Wednesday, March 29.
Given the current economic reality, he says the pay raise is a peculiar allowance for civil servants.
Source: Legit.ng
