NorthQuest, a leading financial data analytics firm, has released a comprehensive report titled "Building Wealth in Nigeria: Insights from 50,000 Citizens," which analyzed the financial behaviors, attitudes, and challenges of 50,000 Nigerians across the country. The report, published on August 5, 2026, offers a deep dive into how Nigerians approach wealth creation, revealing significant generational differences, regional disparities, and the impact of economic conditions.
Key Findings on Savings and Investment
According to the report, 62% of Nigerians do not have a formal savings account, while 45% rely on informal savings mechanisms such as cooperatives (ajo) and thrift contributions. The data shows that only 28% of respondents have invested in any financial instrument, with real estate and agriculture being the most popular investment choices.
"The findings underscore a critical gap in financial inclusion," said Adebayo Ogunlesi, lead researcher at NorthQuest. "Many Nigerians are willing to save but lack access to secure and profitable investment avenues."
Generational Differences
The report highlights that Gen Z (aged 18-25) are more likely to use digital savings apps than older generations, with 34% using mobile money platforms. In contrast, Baby Boomers (aged 56-75) prefer traditional bank accounts and physical assets. Millennials (26-40) show a higher propensity for stock market investments, with 18% holding shares in listed companies.
"Younger Nigerians are embracing fintech solutions, but they also face higher job insecurity, which limits their ability to accumulate wealth," Ogunlesi added.
Regional Disparities
Geographically, the report found that Lagos State leads in investment participation, with 41% of residents investing in at least one asset class, followed by Abuja (35%) and Rivers State (29). Northern states, particularly Borno and Yobe, showed the lowest investment rates, with less than 10% of respondents holding any financial investments.
The report attributes these disparities to differences in economic activity, financial literacy, and access to banking infrastructure.
Challenges and Barriers to Wealth Building
Inflation and economic instability were cited by 71% of respondents as the biggest obstacles to building wealth. Other barriers include lack of financial education (58%), low income (54%), and corruption (39%). Additionally, 47% of respondents said they do not trust financial institutions, which discourages them from using formal banking services.
Impact and Recommendations
The NorthQuest report calls for increased financial literacy programs, especially in rural areas, and suggests that policymakers encourage the development of digital financial services to reach underserved populations. It also recommends that financial institutions create products tailored to low-income earners to promote inclusive wealth creation.
"This data provides a roadmap for both private and public sectors to address the systemic issues hindering wealth accumulation among Nigerians," Ogunlesi said.
As Nigeria continues to navigate economic challenges, the insights from this report could serve as a catalyst for change, empowering citizens to make informed financial decisions and build sustainable wealth.
