By Nseobong Okon-Ekong
Financial experts have expressed worries over the lack of saving culture among Nigerians, saying such attitude contributes to the decline of small and medium scale enterprises in the country.
At a seminar organised by UT Financial Services held in Lagos, with the topic ‘Investing to Secure the Future’, a financial expert with a new generation bank, Mr. Segun Akintunde, said Nigerians ranked among countries with the least saving culture, which in effect is affecting the growth of SMEs.
“Nigerians have been ranked among people that have the lowest saving culture. It is the amount of saving that you have that will form the amount of your investment. This is the reason the SMEs are suffering, because Nigerians are not saving enough,” he lamented.
Akintunde further said, “There is need to improve saving culture among Nigerians. We need to save for security purpose, to enhance our standard of living, to acquire assets, raise more capital and invest.”
According to him, some of the challenges preventing people from saving are procrastination, lack of budget, impatience, discipline and goals.
The Chief Executive Officer, UT Financial Services, Mr. Ade Adebajo, said the public should be enlightened on the importance of saving, promising that the company is ready to help individuals to invest their money in profitable businesses such as property and transportation.
“We must take charge of money and investment decisions. People should save more, spend less. They can make extra income with minimal investment,” Adebajo said.
The president of the company, Prince Kofi Amoabeng, said when people save, “it will reduce the stress of going to banks for a loan,” adding that the SMEs are the livewire of any economy as it improves the economy of any country.