Bank concentration in Nigeria
Nigeria: Bank concentration was 59.3% in 2021. ▲ Rising
Bank concentration in Nigeria, 2000–2021
Source: Bankscope, Bureau van Dijk (BvD). Measured in %.
Analysis
In 2021, bank concentration in Nigeria stood at 59.3%.
Compared with earlier readings it is up 33.0% on the previous year and up 31.0% over ten years.
Over the whole period, bank concentration in Nigeria peaked at 84.7% in 2010 and was at its lowest, 23.3%, in 2002.
Nigeria ranks 129th of 169 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 22 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 49.6% | 23.3% | 78.3% | 10 |
| 2010s | 45.3% | 37.6% | 84.7% | 10 |
| 2020s | 52.0% | 44.6% | 59.3% | 2 |
Countries ranked near Nigeria
- 126 Kazakhstan 60.3% compare
- 127 Niger 59.7% compare
- 128 Uzbekistan 59.5% compare
- 130 Mauritius 59.1% compare
- 131 Sri Lanka 57.7% compare
- 132 New Zealand 57.2% compare
More financial sector data for Nigeria
- Domestic credit to private sector by banks 13.1% (2023)
- Total reserves in months of imports 7.12 (2025)
- Net domestic credit 66.12 trillion current LCU (2022)
- Net foreign assets 3.79 trillion current LCU (2022)
- Monetary Sector credit to private sector 9.6% (2022)
- Broad money 25.1% (2023)
- Claims on central government, etc. 8.6% (2022)
- Domestic credit to private sector 9.6% (2022)
- Official exchange rate 1,518 LCU per US$, period average (2025)
- Net migration -15,258 (2025)
Frequently asked questions
- What is bank concentration in Nigeria?
- Bank concentration in Nigeria was 59.3% in 2021, according to Bankscope, Bureau van Dijk (BvD).
- What is the highest bank concentration recorded in Nigeria?
- The highest recorded value was 84.7% in 2010.
- What is the lowest bank concentration recorded in Nigeria?
- The lowest recorded value was 23.3% in 2002.
- How does Nigeria rank for bank concentration?
- Nigeria ranks 129th out of 169 countries with data for 2021.
- Is bank concentration rising or falling in Nigeria?
- Over the last ten years it is up 31.0%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from Bankscope, Bureau van Dijk (BvD), published as part of Bank concentration (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 22 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Raw data are from Bankscope. (Sum(data2025) for three largest banks in Bankscope) / (Sum(data2025) for all banks in Bankscope). Only reported if number of banks in Bankscope is 3 or more. Calculated from underlying bank-by-bank unconsolidated data from Bankscope.