SAVINGS MOBILIZATION FAR ECONOMIC DEVELOPMENT IN NIGERIA BANKING INDUSTRY (1990 – 2004)
CASE STUDY OF UNION BANK OF NIGERIA PLC

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ABSTRACT
The research was based on the topic “mobilizing Domestics savings for economic growth and development in the banking industry. (A case study of Union Bank of Nig PLC 1999 – 2000. In carrying out this research, I examined thoroughly. The various factors, which militates severely against the effective and efficient mobilization of domestic savings these factors were identified to range from the level of income earned of the saver. The interest rate that the bank pays on depots of customers, to the effect of bank distress syndrome in the banking industry.
Efforts were geared towards recommending various measures the bank can use to improve greater mobilization of domestic resources in our bank. The various ways through which an increase in domestic savings mobilization can also effect on increase in economic growth and development were also identified. These include granting of loans and overdraft of to deficit customer, assisting in the provision of amenities to the host community generating employment and affirming of scholarship and promotional programmes. The research was accomplished through the use of questionnaires and secondary data. The testing and analysis of relevant data obtained were done through the use of chi – square statistical test techniques.
TABLE OF CONTENTS
Title page ii
Dedication iii
Approval page iv
Acknowledgement v
Abstract vi
Table of Contents viii
CHAPTER ONE
INTRODUCTION 1
1.1 Background of study 1
1.2 Statement of Problem 4
1.3 Purpose / Objective of Study 5
1.4 Research Questions 6
1.5 Research Hypothesis 7
1.6 Significance of the Study 9
1.7 Scope , Limitations and Delimitation 10
1.8 Definitions of terms 11
Reference 13
CHAPTER TWO
Review of related literature 14
2.1 Domestic Financial Resource Mobilization
Efforts of the Nigeria Financial System 15
2.2 Principal Sources of Savings 17
2.3 Constraints to Effective Mobilization of
Savings for Economic Growth and Development 19
2.4 Effect of Bank Distress in Mobilization of Savings.
2.5 Effects Of Income Earned To Savings Mobilization 25
2.6 Effect Of Interest Rate In Mobilization
Of Domestic Savings 29
2.7 Strategies for Improving Mobilization Or
Savings in Union Bank of Nigeria Plc 31
Reference 37
CHAPTER THREE
Research Design and Methodology 38
3.1 Research design 38
3.2 Area of Study 38
3.3 Population 39
3.4 Sample and Sampling Techniques 39
3.5 Instruments of data collection 40
3.6 Methods of Data Analysis 42
CHAPTER FOUR
Data Presentation and analysis 44
4.1 Data Presentation 44
4.2 Test of hypothesis 52
CHAPTER FIVE
Findings Recommendations and conclusion 63
5.1 Summary of Findings 63
5.2 Conclusion 65
5.3 Recommendation 66
Bibliography 69
Appendix 71

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It is universally acknowledged that the banking including play a catalytic role in t he process of economic growth and development. This acknowledgement is reinforced by contemporary conceptualism to the effect that banks are a veritable vehicle for mobilizing resources from su7plus units and tempting same to deficit unit. Banks constitute perhaps the most important segment of the financial market and played and a dominate vote in not mobilizing savings, but also allocating them for investment purposes.
In Nigeria, domestic savings rate is relatively low compared to most other developing counties with the same for capital income level. In the past, investment rates were high and hence there was no problem for raising funds.
Under the present economic dispensation, the companions or the drive for savings deposit has been stepped up by banks and non- bank financial institutions. It is Hoover not sufficient because the range and type of financial assets available are equally important. There is a wide range of saving instruments offered banks and non – bank financial institutions in Nigeria today.
However, most of the voluntary and non – contractual financial savings consist of savings and time deposit. Although other types of deposit such as savings certificate, premium savings bonds play any a miner rate, banks and non – bank (Moncial Institutions are today competing strongly among them instruments including additional frame benefits almost banks are now offering contractual forms of savings aimed at persuading depositors to invest in long term deposits.
Another area some banks are foreseeing to mobilize funds today is the montage saving: because large number of Nigerians need accommodation of their own but fund it difficult with their meager income. Interest payment a demand deposits accounts has also some positive impact on the propensity to save. Bank have also been allowed by the government to open domaliary account for Nigerian exporters in which proceed of experts can be paid or saved until when they are needed. Transaction costs related to operating a new accounts and making deposits and withdrawals are now be coming relatively easier particularly for small savers. There is also the pension scheme which seeks to induce depositors to invest small sums of money over a specified period of time in the hope of receiving a stream of benefits upon reacting the age of retirement.
Conversely the crisis of confidence in our banks is a great set bank for the banking system. In the past the majority of those who patronized the banks did so in order to find safer place for their money. And for many years bank in the country were the character of currency store house. But because of the lack of confidence in banks today s sizeable amount of Nigerians keep their currency or cash at home and this marks of most of cash unpaired by the banks. According to withstanding et al (1996:133), this one depositors resulting to cash drains. In the broadcast sense a cash drain refers to any kind of cash loss suffered by a bank.
This winders the financial intermediaries function of intermediation. Most of our industries depend on commercial bank assistance in form of overdraft short term and long loans for effective operation.

1.2 STATEMENT OF PROBLEM
Income posses the greatest constraint to savings mobilization. The generally low level of income among the people in Nigeria is a limiting factor to savings mobilization. The inadequate banking facilities in the economy in general and the rural areas in particular also constitute on obstacle to wide savings mobilization.
Growing frequency of incidences of found, insider abuses and malpractice which all combine in on unholy alliance to erode public confidence in financial institutions and do painful damage to whatever level of banking habit has been developed.
Another factor that may affect savings mobilization is the absence of affective a realistic interest rate policy that rewards savers with adequate return on their savings. It is argued that in as mush as the rate of interested adjusted for inflation various negative. Savings are likely to remain low. Perhaps the greatest problem in this country is that we run a cash economy. T