IREDELE, Oluwamayowa Olalekan
Department of Accounting, Faculty of Management Sciences
University of Lagos, Lagos, Nigeria
oiredele@unilag.edu.ng
ALLI, Sulaiman Oluwatoyin
Central Bank of Nigeria
Allitoyin022@gmail.com
FAGBORO, Damilola Gabriel
Department of Accounting, Faculty of Management Sciences
University of Lagos, Lagos, Nigeria
dfagboro@unilag.edu.ng
ABSTRACT
This study investigates factors influencing portfolio investment decisions in Nigeria. The Nigeria Treasury
Bill and Federal Government Bond were used as main portfolio investments for the study. Personal factors,
economic factors and socio-cultural factors were examined as variables influencing investors’ behaviour.
Structured questionnaire was administered to a sample size of 400 respondents selected through
convenience sampling technique in Lagos State. Both descriptive and inferential statistics were applied to
test the data collected with the aid of the Statistical Packages for Social Science (SPSS) version 20.0. The
result revealed that all three variables under study have significant influence on portfolio investment
decision. Thus, concludes that personal, economic and socio-cultural factors influence decisions to invest
in Treasury Bills and Federal Government Bonds in Nigeria. The study recommend that organizations and
managers in the Nigeria business environment should focus on personal, economic and socio-cultural
factors when trying to determine influences on investment decision.
Keywords: Investor, investor behaviour, investment decision, investment patronage