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Bank Savings and Bank Credits in Nigeria: Determinants and Impact on Economic Growth

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  • Orji Anthony

    (Department of Economics, University of Nigeria, Nsukka, Nigeria.)

Abstract

This study investigated the determinants of bank savings in Nigeria as well as examined the impact of bank savings and bank credits on Nigeria’s economic growth from 1970- 2006. We adopted two impact models; Distributed Lag-Error Correction Model (DL-ECM) 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 a 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 government’s effort should be geared towards improving per capita income by reducing the unemployment rate in the country in a bid to accelerate growth through enhanced savings.

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Bibliographic Info

Article provided by Econjournals in its journal International Journal of Economics and Financial Issues.

Volume (Year): 2 (2012)
Issue (Month): 3 ()
Pages: 357-372

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Handle: RePEc:eco:journ1:2012-03-13

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Related research

Keywords: Bank; Saving; Credit; Financial Sector; Economic Growth;

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  1. Paul Collier & Stefan Dercon & Marcel Fafchamps, 2000. "Credit Constraints in Manufacturing Enterprises in Africa," Economics Series Working Papers WPS/2000-24, University of Oxford, Department of Economics.
  2. Kotaro Tsuru, 2000. "Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature," OECD Economics Department Working Papers 228, OECD Publishing.
  3. Subrata Ghatak & Jalal Siddiki, 2001. "The use of the ARDL approach in estimating virtual exchange rates in India," Journal of Applied Statistics, Taylor & Francis Journals, vol. 28(5), pages 573-583.
  4. Adolfo Barajas & Natalia Salazar & Roberto Steiner, 1999. "Foreign Investment in Colombia's Financial Sector," IMF Working Papers 99/150, International Monetary Fund.
  5. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
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