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Economic Profile of Nigerians in the UK

 

 

 

 

Nigerians in the United Kingdom are currently estimated at about two million strong and this is without taking account of the second generation group who were born in the country. This group of people are very high income earners and they can be found in various professions such as accountancy, architecture, banking, engineering, medicine etc They are also know to invest in private education for their children and enjoy regular family holidays abroad. In our data and statistical analysis we found that 70% of the population range between the age group of twenty five and fifty years thus establishing them as the core income earners (gainfully employed) in the British Nigerian sub-economy. Our analysis also showed an average income of £30,000 providing a projected annual income level of £42bn per annum. The calculation also took account of government’s taxable revenue of 25% (under the high bracket) resulting to approximately £10.50bn per annul Further to our income analysis, we conducted an assessment on the potential asset base of the Nigerian community, working with the main income earners. Our asset base calculation was based on ownership of bricks and mortar (property), vehicles, and stocks and shares.

The breakdown is highlighted below:

TYPE OF ASSET AVERAGE NO. AVERAGE MIN TOTAL VALUE
       
Property 430,000 £200,000 £64.5bn
       
Vehicles 350,000 £10,000 £3.5bn
       
Stocks and Shares 200,000 £12,000 £2.4bn
    TOTAL £70bn
       

Other aspects reviewed fell under disposal income and we estimated that on an annual basis the core-working group spent an average sum of £20,000. This figure is deduced from expenditure such as tax, insurance, loan and interest, mortgages, house maintenance, transportation, feeding, leisure and children’s education. The compound figure for the expenditure is pitched at £7bn and it is estimated that about £1bn is transferred back to Nigeria on an annual basis.

The Nigerian community in the United Kingdom currently represents about 3% of the total UK population giving a figure of 2m strong spread through the length and breadth of major metropolitan cities in the United Kingdom

 

British based Nigerians, a vibrant and inspiring people