The Impact Of Savings And Investment On Nigeria Economy

CHAPTER ONE: INTRODUCTION 1.1 BACKGROUND OF THE STUDY Interest is the reward that accrues to people who provide the fund with which capital goods are bought (Soyibo and Adekanye, 1992). Interest can also be defined as the payment made to a lender by a borrower for the use of a sum of money for certain period of time. The charging of interest on loan was initially abolished during medieval days, both was later legalized by King Henry VIII in 1545 when he abolished the usury laws in it was condemned. These usury laws were established during the medieval time when the payment of interest rate was…