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Microeconomic Determinants of Household Savings in Nigeria

Author

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  • Emmanuel O. Nwosu
  • Charles N. Anumudu
  • Chioma E. Nnamchi

Abstract

This study investigates the determinants of saving in Nigeria from the microeconomic perspective. The study particularly focuses on the importance of household socio‐economic characteristics in determining the level of household savings. The study uses the Nigeria Household Survey data to carry out the analysis within the framework of perceived household utility theory. Two‐stage least squares and ordinary least squares methods were employed in the estimations. The results show that household ownership of land, household size, occupation, location and age are significant determinants of household saving in Nigeria. Other determinants are the household living conditions, marital status and availability of infrastructure such as electricity. The results show that household socio‐economic characteristics, locational and zonal factors are important determinants of household saving accumulation in Nigeria and thus should not be ignored by policymakers in formulating capital accumulation policies. © 2019 John Wiley & Sons, Ltd.

Suggested Citation

  • Emmanuel O. Nwosu & Charles N. Anumudu & Chioma E. Nnamchi, 2020. "Microeconomic Determinants of Household Savings in Nigeria," Journal of International Development, John Wiley & Sons, Ltd., vol. 32(2), pages 150-167, March.
    • Handle: RePEc:wly:jintdv:v:32:y:2020:i:2:p:150-167
    DOI: 10.1002/jid.3440
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    Cited by:

    1. Dolapo Adeyanju & John Mburu & Wainaina Gituro & Chepchumba Chumo & Djana Mignouna & Adebayo Ogunniyi & John Kehinde Akomolafe & Joseph Ejima, 2023. "Assessing food security among young farmers in Africa: evidence from Kenya, Nigeria, and Uganda," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 11(1), pages 1-20, December.
    2. Manh Hung Do, 2023. "The Role of Savings and Income Diversification in Households’ Resilience Strategies: Evidence from Rural Vietnam," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 168(1), pages 353-388, August.
    3. Agnieszka Strzelecka & Danuta Zawadzka, 2023. "Savings as a Source of Financial Energy on the Farm—What Determines the Accumulation of Savings by Agricultural Households? Model Approach," Energies, MDPI, vol. 16(2), pages 1-18, January.
    4. Manh Hung Do, 2023. "Saving up and diversifying income for a rainy day: Implications for households' resilience strategies and poverty," TVSEP Working Papers wp-033, Leibniz Universitaet Hannover, Institute for Environmental Economics and World Trade, Project TVSEP.

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