IMF Ranks Nigeria 11th Country with Highest Private Savings in Africa

The International Monetary Fund has ranked Nigeria as the 11th country with the highest private savings in the sub-Saharan Africa region, placing Angola in the number one spot. <br />The report says private savings in Nigeria increased from about 19 percent in 2019 to about 24 percent in 2022. <br />It noted that savings were the most important source of financing for Nigerian households’ survival during COVID-19, followed by loans, goodwill, and working. <br />The IMF stated that the private saving rate in SSA increased during the last two decades to an average rate of 17.3 percent in 2019 from 11.5 percent in 1983. <br />The International Monetary Fund has ranked Nigeria as the 11th country with the highest private savings in the sub-Saharan Africa region, placing Angola in the number one spot. <br />The report says private savings in Nigeria increased from about 19 per cent in 2019 to about 24 per cent in 2022. <br />It noted that savings were the most important source of financing for Nigerian households’ survival during COVID-19, followed by loans, goodwill, and working. <br />The IMF stated that the private saving rate in SSA increased during the last two decades to an average rate of 17.3 per cent in 2019 from 11.5 percent in 1983.