A don, Ovat Oyama, weekend said that the poor savings culture in Nigeria was affecting the nation’s investment profile.
Oyama, a lecturer in the Department of Economics, University of Calabar, told the News Agency of Nigeria (NAN) that increased savings would strengthen Nigerian banks and in turn attract more foreign direct investment.
“A strong banking sector is a product of high savings by citizens which will also have positive effects on the stock market, industrialisation and manufacturing.
“If our citizens save more, the country’s productivity chart will be ascending, while jobs will be available for the youths through increases in business outfits in operation”.
Oyama advised Nigerians to cut down on unnecessary expenses so as to have more to save.
“Most Nigerians do not adhere to their monthly expenditure plans.
“We are even yet to overcome our unnecessary taste for foreign products that have domestic substitutes.