Nigeria has been ranked 11th among Sub-Saharan African (SSA) nations with the biggest private savings by the International Monetary Fund (IMF).
This was revealed by the IMF in a study titled “Private Savings and COVID-19 in Sub-Saharan Africa” that was available on its website and was acquired by Ripples Nigeria on Thursday.
The paper re-examines the main determinants of private savings in Sub-Saharan Africa (SSA), followed by a look at the impact of the COVID-19 pandemic on private savings in SSA and other countries.
According to the report, savings were the most important source of financing for Nigerian households survival during COVID-19, followed by loans, goodwill, and working.
According to the IMF, private savings in Nigeria increased from about 19 percent in 2019 to about 24 percent in 2022.
Angola is in first place with the largest private savings in SSA with about 55 percent while Gabon and Congo came second and third with 42 percent and 41 percent respectively.
“As expected, private saving rates are particularly low in fragile states and low-income countries (LICs),” it said.