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Savings Mobilization and Bank Credits: How Much Do We Care in Nigeria?,Used
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Recent macroeconomic developments in Nigerias financial sector reveal a strong desire by the monetary authorities to reposition Nigerias financial system to meet the trend of globalization. This study therefore, investigated the determinants of private domestic savings in Nigeria and also examined the impact of savings and bank credits on Nigerias economic growth.Two models were adopted viz Distributed LagError Correction Model (DLECM) and Distributed Model. The empirical results showed a positive influence of values of GDP per capita (PCY), Financial Deepening (FSD), Interest Rate Spread (IRS) and negative influence of Real Interest Rate (RIR) and Inflation Rate (INFR) on the size of private domestic savings. Also positive relationship exists between the lagged values of total private savings, private sector credit, public sector credit, interest rate spread, exchange rates and economic growth. We therefore recommend, among others, that governments effort should be geared towards improving per capita income by reducing the unemployment rate in the country. Also growth should be enhanced through improved savings, credit allocation and investments in highly productive sectors.
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