Nigerians are saving for the raining day, as are many other Africans. The International Monetary Fund rated Nigeria as the eleventh country with the highest private savings in the sub-Saharan Africa region. And Africa’s new highest crude oil producer, Angola is ranked first.

In its paper, "Private Savings and COVID-19 in Sub-Saharan Africa,’ the #International Monetary Fund (IMF) found that #PrivateSavings in Nigeria climbed from around 19% in 2019 to about 24% in 2022. The IMF noted that savings is the most important source of financing for Nigerian households’ #SurvivalDuringCOVID19, followed by loans, goodwill, and working. The paper found that real per capital economic growth remains a key historical determinant of private savings in the region.

Today on #BusinessEdge, we analysed this development.

Anchor:
Tolulope Adeleru-Balogun

Guest:
Muktar Muhammed - CEO, Asheer Dynamic Solutions

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IMF Ranks Nigeria 11th Country With The Highest Private Savings In Africa | Business Edge
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