This decade has seen increasing popular and policy attention to the concept of an emerging ‘middle class’ in Nigeria and elsewhere. At the same time, emphasis is being placed on promoting domestic private sector investment linkages to help the growth of the MSME sector and its positive impacts on the lives of poorer Nigerians.
The aim of this study, commissioned by DFID’s Policy Development Facility (PDF II), is to establish at least approximately the size of the relevant middle class and the scale of funds it has available for retail investment, which could – given the right vehicles – be mobilised to finance MSME activity. It also explores existing middle class investment patterns and preferences, including attitudes towards small business investment. This is intended to provide information to the private sector, government and development partners with which to target specific initiatives at various segments of the middle class.
Desk research, face to face surveys and in-depth qualitative interviews were employed for the study. Existing data showed that middle-class wealth and income, as well as the infrastructure and access to information that could help channel it towards new forms of MSME investment, are concentrated in urban locations
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