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?
I completely disagree with this brazen claim of yours, what statistics or proof do you have to back it up that Africans (Nigerians more specifically like you said) are more concerned about acquiring things that are liabilities to them, than stacking up assets; i can categorically state that it is wholly untrue. You can prolly call it a human trait, but to pinpoint a particular people as doing it more without stats is uncalled-for.
I'm from Nigeria and I know what happens around me. Although this happen almost everywhere but I have chosen Africans especially Nigerians because I can easily check their way of life. I have friends in some other African countries like Ghana, Togo and Morocco. I have taken my time to compare our ways of life together. Nigerians love fashion. Most time they hustle hand to get this things. I even have an example here around me. A lady who have saved almost 70% of her 8 months salary to buy a phone of #140,000+. That means she had worked for 8 months to get a liability.
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.
Yes you are right about earning less than $2 per day. But most times they make savings from this little amount to buy irrelevant things. Here now in Nigeria, even though there is a claim that things are hard but almost all households uses an android phone. Imagine a household of 5 chaining they are poor but all including the last child have an android phone which they use.