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DEPOSIT MONEY BANKS SERVICES AND ECONOMIC GROWTH IN NIGERIA
Abstract
This study examined the impact of deposit money banks services on the growth of the Nigerian economy. The study was specifically meant to examine the impact of aggregate banks credits, aggregate banks deposits and effect of interest rates spread on the growth of the Nigerian economy. To achieve these objectives, Time series data were collected from the CBN statistical Bulletin using the desk survey method from 1984 to 2017. The data were analyzed using various econometrics techniques such as the descriptive statistics test, the augmented Dickey-Fuller (ADF) unit root test, correlation matrix, and Autoregressive Distributive Lag (ARDL) Model. Findings from the analysis showed that, there is an insignificant short and long run effects of aggregate banks credits on the growth of the Nigerian economy. It also revealed insignificant short and long-run effects of aggregate banks deposits on the growth of the Nigerian economy and furthermore, insignificant short and long-run effects of interest rates spread on the growth of the Nigerian economy. We recommend that deposit money banks should intensify efforts on deposits mobilization to enhance the availability of loanable funds for on-lending, as this will promote productivity of businesses and increase the economic growth of Nigeria and lastly, Interest rates should be set as low as possible to enhance and motivate investors to source for loans and depositors to increase their deposit for business expansion and growth in Nigeria.
Keywords Credit, Deposit Money Banks, Economic Growth, Depositors