Most Africans especially Nigerians prefer liability to asset. In the journey of becoming a successful being, it is advisable to acquire more assets than liabilities. The questions here is where does 70%- 80% of your income goes? Asset or liability?
Is this the result of research? Or is it just your personal opinion because you see people around you doing that?
It seems the latter to me. Otherwise the OP was wrong not to give the source that backs up what he says.
Having said that, you quite forget that in most parts of Africa people live below the poverty level, some even earn less than $2 a day, quite a lot of them are basically concerned about what to eat, wear, good water, etc, that they can't even condition their minds to dream of acquiring luxurious items, only the wealthy/rich can afford it there. It is in parts of the world where life is much better, first world countries were people earn a reasonable minimum wage that you could talk about even the middle class citizens leading a somewhat comfortable life.
When I read the OP I was thinking about that. Acquiring assets can only be done by those who have their basic needs covered, and have money to spare. So, instead of squandering it or spending it on superficial things, he decides to save and invest it. But then I imagine it would be easier for people to acquire assets in Germany than in Somalia. Regardless of financial education. In richer countries there are more people who could acquire assets by holding back a little from consuming, and they don't do so because of poor financial education or other reasons.