EFFECT OF DOMESTIC SAVINGS ON ECONOMIC GROWTH IN NIGERIA (1990 – 2022)
Abstract
ABSTRACT
This research examined the effect of domestic savings on economic growth in Nigeria. The objectives of the study were to examine the effect of domestic savings on GDP in Nigeria; to analyze the impact of inflation on GDP in Nigeria; to evaluate the relationship between interest rates and GDP in Nigeria; and to assess the influence of government capital formation on GDP in Nigeria. The study adopted multiple regression analysis to analyze the data. The findings revealed that domestic savings have a significant positive effect GDP in Nigeria; inflation has a significant negative effect on GDP in Nigeria; interest rates significantly affect GDP in Nigeria; and government capital formation has a significant positive effect on GDP in Nigeria. It was thus recommended that the government should implement policies and programs aimed at encouraging domestic savings among individuals and households. This can include offering attractive interest rates on savings accounts, financial literacy programs to educate citizens about the benefits of saving, and the establishment of tax incentives for savings deposits.
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