Implications of Divers Rate on Economic Growth in Nigeria
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Ayewumi Ezonfade Fredrick*
The study contributes to the discourse on the effectiveness of divers’ rate in driving economic growth. The specific rates considered were treasury bill rate (TREBR), savings rate (SAVR) and minimum rediscount rate (MINR). While, gross domestic product (GROSS) was the dependent variable. The ex post facto research design was used. The published annual reports and accounts of the Central Bank of Nigeria Statistical Bulletin for the financial period of through (21years) spanning from 2003 through 2023were used to measure the variables. The different estimations used for the study are: descriptive statistics, correlation analysis and multicollinearity. While ordinary least square was used to test the effect of the independent variables. The results shows that treasury bill rate (TREBR) and minimum rediscount rate (MINR) indicates weak and statistically insignificant relationships with GROSS. Also, the study reveals a significant negative relationship between the Savings Rate (SAVR) and gross domestic product (GROSS) in the examined period. Policymakers should focus on improving the efficiency of financial intermediation processes to ensure that savings are channeled effectively and also explore alternative monetary policy tools or combine existing tools with fiscal policy measures to stimulate economic growth.
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