The Impact of Savings and Deposits Mobilization on Economic Growth and Development in Nigeria 2001-2022

Student: Oluwadolapo Sadiq Olarewaju (Project, 2025)
Department of Banking and Finance
Osun State Polytechnic, Iree, Osun State

Abstract

The project investigated the impact of deposit mobilization on economic growth in Nigeria.
Relevant data covering a period of twenty two years 2001-2022 were collected from the
Central Bank of Nigeria Statistical Bulletin on total deposit mobilized by the entire banking
sector, the rate of inflation and interest rates on savings. In order to find out the impact of
deposits on gross domestic product that is the major objective of this project, the entire
banking sector deposit was adopted. Thus, deposit, inflation and interest rates are the
independent variable, while gross domestic product is the dependent variable. The findings
reveaied that Total Deposits has significant and positive impact on economic growth while
Interest rates and inflation have negative impact and are also statistically significant. This
means that an increase in deposit mobilization all things been equal wil bring about increase
in economic growth. On the other hand, interest rates and inflation have negative coefficient
indicating that its impact is negative and this is in tandem with appriori expectation that a
high level of both interest rate and inflation will affect economic growth negatively.

Keywords
Deposit mobilization
Filters
Institutions