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The issue of savings and what motivates it has continued to
generate argument. This study, therefore, investigated the determinants of savings in Nigeria over
the period 1980 to 2017. The study employed the Classical Linear Regression Model in its analysis. The results showed that the determinants of savings include per capita income, gross fixed capital formation, financial deepening and exchange rate. Interest rate and inflation rate
showed negative impact on savings. The study recommended that the variables that showed positive impact on savings
rate should be properly directed with the relevant policy tools to ensure higher saving rates. Again,
the government should direct spending towards economic activities that encourage the creation
of more jobs and investments. This will enable individuals, firms and governments to have more
money to save. Finally, the Monetary Authorities should pursue financial deepening policies and
implement strategies that will enhance the increase of savings in Nigeria.
