Only about three per cent to four per cent of Nigerians invested in the Capital Market, Ms Arunma Oteh, Director General, Securities and Exchange Commission (SEC)  said.

Oteh made this known at a three day Investors/Issuer Education outreach programme in Port Harcourt with the theme “The role of the capital market in mobilising funds for business expansion and infrastructure development.”

“Only three to four per cent of Nigerians invested in the capital market, this is against what is witnessed in other nations in world.

“In the U.S., about 60 per cent of its population invests in the capital market and it has helped to boost their economy irrespective of the global financial challenges.

“Our market is not as deep as it should be so there is the need to make it more productive to help strengthen the economy,” she said.

She added that in Nigeria only five million invest in direct investment while less than 100 thousand invest in collective investment scheme (CIS).

According to her, countries like Brazil and some other Asian countries dwell more on CIS to boost their economy.

“In Brazil, 500,000 people invest in direct investment while 100 million invest in CIS. But in Nigeria, less than 100, 000 invest in CIS while five million in direct investment,” she said.

This concept, she said, must  be reversed, adding that saving culture should be encouraged in the country as no nation could develop without a good saving culture.

Also, Mr Olumide Oyekan, Chief Executive Officer, Stanbic Asset Management Ltd, attributed the inability of a good number of Nigerians not investing on CIS to lack of awareness.

He said that low financial literacy and limited options available to operators were also among the major challenges in investing on CIS.

Adding that set up cost of a collective investment scheme was still very high in country, he urged SEC to ensure improved environment that would encourage investment on CIS.