Less than one fifth of Nigerians with adequate disposable income invest in quoted equities, according to a survey of the middle class by Renaissance Capital.
The survey of 1,004 middle-class Nigerians residing in the three key cities – commercial city of Lagos, capital city of Abuja and the oil city of Port Harcourt – showed that if given a large sum of money, 89 per cent will deposit it in a bank while 32 per cent will invest in land or property.
However, it indicated that only 19 per cent will invest in shares; five per cent will invest in government bonds and 4.5 per cent in foreign exchange.
The survey indicated that the middle class has a culture of saving, but it cares little about the deposit rate and would not want to borrow from a bank
