Financial Sector Reforms and Savings Mobilization in Nigeria (1980 – 2013)

Ahmed, Ayodele Victor and Awonusi, Frank and Falaye, Adebanjo Joseph and Ewunuga, Yemisi Adebimpe (2017) Financial Sector Reforms and Savings Mobilization in Nigeria (1980 – 2013). International Journal of Management Studies, Business & Entrepreneurship Research, 2 (2). pp. 1-21. ISSN Print: 2545-5907; Online: 2545-5885 (In Press)

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Abstract

ABSTRACT This study examined the impact of financial sector reforms on savings mobilization in Nigeria between the period of 1980 and 2013. It specifically examined the effects of financial sector reforms variables namely ratio of domestic credit given to the private sector to Gross Domestic Product, prime lending rate, ratio of broad money supply to Gross Domestic Product. Others include percentage contribution of financial sector to Gross Domestic Product, Inflation and Dummy variable (a measure of pre-reform and post reform periods) on savings mobilization (measured by domestic savings ratio) in Nigeria. Using the ordinary least square (OLS) estimation technique, the time series data used in the study were sourced mainly from CBN statistical bulletin and Annual Report and Statement of Account. The result obtained from the regression analysis confirmed that financial sector reforms variables used in the study have been effective in enhancing savings mobilization in Nigeria. Hence the need for policy makers and regulators to initiate policies that will ensure stability of the financial sector, reduce lending rates and increase credit to the private sector. Keywords: Financial Sector; Reforms; Savings Mobilization

Item Type: Article
Subjects: H Social Sciences > HG Finance
Depositing User: Dr Adebanjo Joseph Falaye
Date Deposited: 13 Jul 2017 09:30
Last Modified: 13 Jul 2017 09:30
URI: http://eprints.lmu.edu.ng/id/eprint/967

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