According to a Piggyvest report, the percentage of Nigerians saving to emigrate dropped from 21% in 2023 to 10% in 2024, representing an 11 percentage point decline from the figures recorded for “Japa” aspirations in 2023.
This data indicates that Nigerians are allocating less of their resources toward emigration and more toward managing inflation and economic austerity.
This might be due to Nigeria’s general economic challenges, making emigration increasingly costly, particularly in light of rising exchange rates.
With the weakened Naira, the cost of “Japa” has soared, possibly discouraging new aspirants while others may have already left, contributing to the reduction in the emigration-focused savings.
Shifting Savings Priorities
A look at Nigerians’ savings priorities revealed that Nigerians’ top goals are mostly focused on entrepreneurship, financial stability, and meeting their immediate family requirements.
More specifically, this data presents a clear case of a populace adjusting to economic hardships by placing a higher priority on self-sufficiency, family necessities, and immediate security.
Although the decrease in savings shows flexibility in the face of current circumstances, it also points out how inflation affects citizens’ capacity to pursue goals outside of Nigeria, especially given the foreign exchange rate, which directly affects the cost of moving.