In an era where traditional banking yields little to no reward, a growing number of Nigerians are turning away from financial institutions and reviving age-old investment methods — storing wealth in goods rather than in accounts.
Across towns and cities, people are rediscovering an ancient form of savings: buying farm produce in bulk when prices are low, storing them, and selling during scarcity. What was once a rural survival trick has now become a national coping strategy in the face of economic uncertainty and shrinking purchasing power.
From Bank Interest to Palm Oil Profits
For Ahmedu Memunat, a tailor in Lagos, the shift was born out of frustration.
“Before now, I used to keep all my savings in the bank and get just a few thousand naira as interest,” she recalled. “This year, my friend introduced me to the palm oil business. I invested ₦400,000 — money I had saved — and within a few months, it doubled.”
Memunat says she now plans to combine tailoring with trading palm oil, describing the experience as “the most rewarding financial decision” she’s ever made.
Her story mirrors that of thousands of Nigerians who are ditching conventional savings for tangible investments that promise quicker and higher returns.
The Rise of the “Goods Bank”
Findings by Economy & Lifestyle reveal that this trend — once practiced only by a few — has resurfaced strongly as citizens search for stable, low-risk ways to grow their money. While it requires patience and storage space, the eventual profits keep many participants motivated.
Mrs. Sadiat Akhigbe, a civil servant, found her opportunity in Ogbono (African bush mango).
“I never imagined myself trading Ogbono,” she said. “A colleague gave me ₦500,000 to keep until December. Around that time, a friend told me about this business. I took the risk and used the money to buy Ogbono when it was cheap.”
Her gamble paid off. “I’ve sold most of it now, made profit, and already returned the capital. Next year, I’ll definitely do it again.”
Thrift Contributions as the New Capital Source
With banks tightening lending conditions and interest rates soaring, many low-income Nigerians are funding these ventures through “ajo” or thrift contributions. Participants take strategic turns to collect pooled funds, invest them in bulk purchases, and resell for profit.
Mrs. Judith Okoli, a hairdresser, explained how she and her husband use this method to sustain their small-scale trading business.
“I join two thrift groups and take an early turn so I can buy and store goods,” she said. “It’s tough because I have to deprive myself of many things, but when I resell, I make enough to cover my bills and even save more.”
Her husband also participates, and together, they plan their investments around the contributions. “At this point, couples have to think and work together to survive. Banks won’t lend to us — and even if they do, how can we afford the interest?”
A Return to Practical Finance
Experts note that this resurgence of physical investment reflects a broader shift in public confidence. As inflation eats away at savings and banks struggle to offer attractive returns, Nigerians are reverting to more tangible and community-based financial systems.
While risky and dependent on market cycles, this method gives ordinary citizens control — and a sense of security — over their money.
As one trader put it:
“The bank keeps your money safe, but goods grow your money. That’s the difference.”
