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Numerous studies have attempted to examine the relationship between savings and investment without a consensus conclusion. Interestingly, there have been profound findings, arguments and scholarly contributions on the subject by different authors, researchers and scholars from most first class institutions around the world. To further heighten the argument around the subject, Feldstein-Horioka in his hypothesis, after running many regression, suggests that saving-investment co-movement under perfect capital mobility remains a puzzle. This paper therefore proposes a reconciliation model to revalidate the co-movement between savings and investment using the dataset sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin between 1981 and 2017. The approach employed followed the Autoregressive Distributed Lag (ARDL) and Granger Causality that presumed economic variables reactions are not instantaneous and effects require a feedback mechanism delay for some period. The results suggest the existence of strong positive correlation between national savings and business investment, proposing that policies/initiatives to increasing the domestic resource mobilization through national saving are crucial for stimulating rate of investment in Nigeria.

Revalidating Saving-Investment Comovement in Nigeria: Surprises, Stylized Facts and Explanations