Why Most Nigerians Think Money Is Evil — And How It Holds Us Back

In Nigeria, it’s not uncommon to hear phrases like “money is the root of all evil” or “rich people are wicked.” These statements, often passed down through generations, have quietly shaped how many Nigerians view wealth and those who attain it. For some, pursuing financial success feels like flirting with sin; for others, it’s a silent internal war between wanting more and fearing what that desire might say about them.

But where did this idea come from, and why does it still hold so many people back?

In this article, we’ll explore the deep-rooted cultural and religious reasons behind the belief that “money is evil” in Nigeria. More importantly, we’ll uncover how this mindset could be sabotaging your chances of financial growth—and what you can do to break free from it.

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The Origin of the “Money is Evil” Belief in Nigeria

The idea that money is evil didn’t start with Nigerians, but over time, it became deeply woven into the fabric of our society. One of the major sources of this belief is a misquoted Bible verse. The actual scripture, 1 Timothy 6:10, says, “The love of money is the root of all evil”—not money itself. But somewhere along the line, the message was shortened and distorted, giving rise to a damaging mindset.

During colonial times and even in the early post-independence era, wealth was often associated with either foreigners, corrupt leaders, or individuals believed to be involved in ritual practices. As a result, being rich started to carry a stigma. Many grew up hearing that you couldn’t get wealthy through clean means, especially in a system where poverty seemed more honorable than prosperity.

In rural communities, especially, this belief became a kind of mental conditioning. If someone suddenly became rich, whispers would follow: “He must have joined a cult” or “That one don use person do money.” Instead of being admired, success was often viewed with suspicion.

Over time, this narrative took root, especially among the masses, creating an unconscious belief that wanting money or striving for wealth was something to be ashamed of.

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Cultural and Religious Factors That Reinforce This Idea

In many parts of Nigeria, culture and religion are powerful forces that shape values, behavior, and even ambition. Unfortunately, both have sometimes played a role in reinforcing the belief that money is evil.

1. Religious Teachings (Misinterpreted)

Churches and mosques are central to Nigerian life. While many religious leaders preach prosperity and wise money management today, that hasn’t always been the case. For years, sermons focused on self-denial, sacrifice, and the dangers of worldly riches. Wealth was subtly presented as a distraction from righteousness, especially if it wasn’t accompanied by visible suffering or humility.

Even when wealth was mentioned positively, it was often tied to divine favor, creating the idea that if you’re not wealthy, maybe God hasn’t “remembered” you yet. This made people either overly spiritual about money or suspicious of those who were doing well financially.

2. Cultural Suspicion Around Sudden Wealth

In traditional African settings, especially in many Nigerian tribes, sudden wealth often triggers fear, envy, or gossip. A young man who “makes it” too fast may be accused of yahoo, rituals, or cultism. Wealth becomes a burden to hide rather than something to be celebrated and studied.

This mindset discourages people from dreaming big. Even if someone desires financial success, they’re subconsciously worried about what people will say. So, they self-sabotage, stay small, or only pursue just enough to survive.

3. Respect for Poverty as a Virtue

In some homes, being poor and humble is seen as more honorable than being rich and ambitious. Phrases like “contentment is better than riches” are common, and while contentment is indeed a virtue, it’s often used to justify lack or limit ambition. Children grow up believing it’s better to have little and be “good,” than to have more and risk judgment.

These cultural and religious layers build a fear-based relationship with money. One that doesn’t just affect how people think, but how they act.

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How This Belief Shapes Our Financial Behavior

When you believe, consciously or unconsciously, that money is evil, it doesn’t just stay in your head. It shows up in your actions, choices, and financial patterns. In Nigeria, this mindset has led to several harmful behaviors that keep many people stuck in cycles of lack, fear, and poor decision-making.

1. Self-Sabotage and Guilt Around Wealth

Many Nigerians unknowingly feel guilty about earning or wanting more money. When financial opportunities come their way, they second-guess themselves, delay decisions, or downplay their worth. Some reject success entirely because they feel it’s not “holy” or that it will change them for the worse.

This internal conflict can lead to self-sabotage. People miss out on jobs, business opportunities, or investments simply because they’re not mentally prepared to receive and manage abundance.

2. Short-Term Thinking

A fear of money or mistrust of wealth often pushes people to focus only on daily survival rather than long-term wealth building. Instead of saving, investing, or planning, many live hand-to-mouth, even when they have the potential to do better.

This short-term mindset also explains why get-rich-quick schemes thrive in Nigeria. People want to make money fast before “something happens,” or before they become a target of envy or suspicion.

3. Avoidance of Financial Education

When you’ve been taught to fear money or view it as a corrupting force, you’re less likely to seek financial literacy. In Nigeria, a significant number of people avoid learning about money management, investments, or budgeting, not because they’re not smart, but because they’ve internalized the idea that “too much knowledge about money can change you.”

This fear keeps many stuck in financial ignorance, depending on luck, prayer, or help from others instead of developing financial independence.

These behaviors are not just personal issues; they have national consequences. A society that fears money or misunderstands wealth will continue to struggle economically, no matter how many resources it has.

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The Cost of a Negative Money Mindset

Believing that money is evil might feel harmless. Just a cultural or religious belief passed down with good intentions. But in reality, this mindset comes at a heavy cost, both individually and collectively.

1. Limited Economic Growth

When people are afraid of wealth or associate it with evil, they’re less likely to take financial risks, start businesses, or invest in long-term opportunities. This stifles innovation and reduces job creation. In a country like Nigeria, where unemployment is high and entrepreneurship is vital, this mindset directly slows down economic progress.

2. Generational Poverty

Mindsets are inherited. If parents believe money is dangerous or evil, they pass this fear down, often unintentionally. Children grow up with limited financial ambition, repeating the same patterns of lack. The cycle of generational poverty continues, not necessarily because of a lack of opportunity, but because of limiting beliefs.

3. Undermining Self-Worth

When someone thinks money is evil, they might also feel unworthy of earning well or charging fairly for their skills. Talented professionals underprice their work, avoid negotiation, or settle for less, even when they deserve more. This leads to burnout, frustration, and constant financial struggle, despite hard work.

4. Missed Opportunities

A negative mindset around money causes hesitation. Many Nigerians miss out on growth opportunities, like acquiring new skills, starting businesses, or investing, because they believe wealth will corrupt them, attract enemies, or bring spiritual consequences. This fear-driven hesitation leads to missed chances that may never come again.

The truth is, the way we think about money directly impacts how we attract, use, and retain it. Nigeria doesn’t just need more resources; it needs a mindset shift.

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Why Money Itself Is Neutral

Money, in itself, is neither good nor evil; it’s simply a tool. Like fire, a knife, or electricity, its impact depends entirely on how it’s used. Yet many Nigerians grow up treating money as something with a personality or moral alignment, rather than what it really is: a neutral means of exchange.

1. Money Reflects the User

A kind person with money can use it to build schools, feed families, and uplift communities. A wicked person without money can still do harm. Money doesn’t create character; it reveals it. That’s why saying “money is evil” is like blaming a car for how someone drives it.

2. Money Is a Mirror, Not a Master

Money amplifies who you already are. If you’re generous, wealth will help you be more generous. If you’re greedy or dishonest, money will make those traits more visible. This is why mindset and character are more important than the money itself. Focus on being the right person, and money in your hands becomes a blessing.

3. Poverty Is Not Holiness

It’s time to challenge the belief that being poor automatically makes you righteous or humble. There’s nothing noble about constant financial struggle. In fact, poverty often limits people from reaching their full potential or helping others. With more resources, you can do more good.

4. The Bible Doesn’t Condemn Wealth

Even for those guided by faith, it’s important to note that many biblical figures, like Abraham, David, Solomon, and Job, were wealthy. The issue isn’t having money; it’s when money has you. The scripture warns against the love of money, not money itself.

Understanding that money is neutral helps you take back control of your financial journey. It allows you to seek wealth with confidence and use it with responsibility—without guilt, fear, or shame.

How to Shift Your Mindset Around Wealth

Breaking free from the belief that money is evil doesn’t happen overnight. It takes intentional effort to unlearn decades of conditioning and embrace a healthier, more productive relationship with money. Here are some practical steps to help you shift your mindset:

1. Reframe Your Beliefs

Start by challenging the negative things you’ve always believed or heard about money. Replace phrases like:

• “Money is the root of all evil”
  with
  “Money is a tool—I choose to use it wisely.”
• “Rich people are greedy”
  with
  “Many rich people create jobs and uplift others.”

These small changes in language can lead to powerful shifts in thinking.

2. Surround Yourself With Growth-Minded People

Who you listen to matters. Follow people—online or offline—who talk about wealth creation, business, and investment with wisdom and integrity. Engage with books, podcasts, or mentors who teach financial literacy and abundance without guilt or fear.

3. Learn About Money

Ignorance fuels fear. The more you understand how money works (saving, budgeting, investing, building assets), the less power it has to intimidate you. Financial education gives you confidence and control.

There are free and paid courses, including powerful platforms, like Instantmoni, and communities that focus on helping Nigerians grow their income and manage money wisely.

4. Practice Gratitude and Giving

You don’t need to wait until you’re a millionaire to do good with money. Start now, be generous with what you have. Giving with the right mindset reminds you that money is a blessing, not a curse. It also opens the door to receive more.

5. Set Clear Financial Goals

When you view money as a tool, you’re more likely to give it direction. Set goals for saving, investing, and growing your income. Whether it’s buying land, starting a business, or supporting your family, let your money have a purpose beyond survival.

Changing your money mindset is one of the most important personal transformations you can make. It doesn’t just affect your bank account; it changes how you see yourself, your potential, and your future.

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Final Thought

The belief that money is evil has silently held many Nigerians back for generations. Rooted in misinterpreted scriptures, cultural suspicion, and fear-based teachings, it has shaped how we view wealth, success, and even ourselves. But the truth is simple: money is not evil—it’s a tool. And like any tool, its value depends on how it’s used.

As long as we continue to treat wealth as something shameful or dangerous, we’ll limit our own potential, and that of our communities. Nigeria doesn’t just need more jobs or resources; it needs a mindset revolution. We must learn to see money for what it truly is: a means to create impact, freedom, and opportunity.

So if you’ve ever felt guilty for desiring more, or hesitant to pursue financial growth, this is your reminder: you’re not wrong for wanting better.
You’re only wrong if you let old beliefs stop you from going after it.