45.3% of Nigerian Households Suffered Job Losses, Business Closures in Past Year — SBM

Nearly half of Nigerian households experienced a major economic setback over the past year, with job losses, business closures and difficulties finding employment affecting 45.3 per cent of households, according to a new report by SBM Intelligence.

The finding comes from SBM Intelligence’s latest report, “Six Zones, One Crisis: What Nigerians Say About Jobs, Skills and the Risk of Leaving.” The report is based on an in-person survey of 1,180 respondents across 21 cities covering Nigeria’s six geopolitical zones between July 7 and 18, 2026.

The figure highlights the continuing pressure on Nigerian households as workers and businesses struggle with rising living costs and a difficult employment environment.

According to the report, 45.3 per cent of households suffered at least one direct economic shock during the 12-month period. These included losing a job, shutting down a business or being unable to find work.

The findings suggest that Nigeria’s economic challenges are extending beyond household spending and food prices, with employment and income security becoming major concerns for families across the country.

The report also revealed a strong willingness among Nigerians to relocate in search of better economic opportunities. About 79.1 per cent of respondents said they would consider moving from their current geopolitical zone if they found a good job elsewhere.

The willingness to relocate reflects the growing importance of employment opportunities in decisions about where Nigerians live and work. For many households, access to stable income is increasingly becoming a determining factor in whether they remain in their communities or seek opportunities elsewhere.

The findings come amid broader concerns about Nigeria’s cost-of-living crisis. Recent economic reforms, including the removal of the petrol subsidy, currency reforms and changes to electricity subsidies, have contributed to significant increases in the cost of essential goods and services.

While government officials and investors have pointed to improving economic indicators and increased investor confidence, the benefits of those developments have yet to translate into improved living conditions for many households.

The SBM report therefore paints a picture of an economy where macroeconomic improvements are occurring alongside significant pressure on ordinary Nigerians.

The employment situation also raises questions about the ability of the economy to create enough quality jobs for a rapidly growing population. When households lose jobs, businesses close or workers cannot find employment, the effects often extend beyond income, affecting food security, education, healthcare and the ability to meet basic household expenses.

For Nigeria, the challenge is now not only to stabilise the economy but also to ensure that economic recovery produces more jobs and sustainable opportunities for households across the country.

The latest SBM Intelligence findings underscore the urgency of addressing unemployment, supporting small businesses and creating an economic environment where Nigerians can earn stable incomes without being forced to leave their communities in search of opportunities.