Urban poor mainly live in slums and the risks of living in slum environments are overbearing on their lives and wellbeing. This work compares socio-economic situation and its implications on vulnerability of slum residents in South-western Nigeria. Primary and secondary data obtained via observation, interview and questionnaire administration were used. The main slum environments in the capital cities of the six states in the region were purposefully chosen. Google Earth was used to delineate the slum areas and count the number of buildings. Copies of questionnaire were administered of the (house head) of 20th residential household (20%) of the study areas. Since the sizes of slum areas differ, the number of houses as well as the number of copies of questionnaire administered also differs. 1, 271 copies of questionnaire were administered across the slum areas in the six states but only 1060 was retried and used. Data obtained were analysed with ANOVA in (SPSS) Statistical Package for Social Scientist was used to compare and test the set hypothesis at P=0.05. The work revealed poor but similar socioeconomic and vulnerability levels of slum residents to environmental stressors, health and psychological torture. The work proposed interventionist approaches; economic, environmental and individual. The work will be of tremendous use to policy makers, urban planners and academic community.