Broad money growth in Nigeria
Nigeria: Broad money growth was 50.9% in 2023. ◆ Volatile
Broad money growth in Nigeria, 1961–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in annual %.
Analysis
In 2023, broad money growth in Nigeria stood at 50.9%.
Compared with earlier readings it is up 192.3% on the previous year and up 256.0% over ten years.
Over the whole period, broad money growth in Nigeria peaked at 89.2% in 1974 and was at its lowest, -12.7%, in 1967.
That places Nigeria 6th out of 166 countries with data for 2023, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Broad money growth in Nigeria, year by year
| Year | annual % | Change |
|---|---|---|
| 1961 | 8.7% | — |
| 1962 | 10.9% | +25.7% |
| 1963 | 8.7% | -20.6% |
| 1964 | 19.1% | +120.0% |
| 1965 | 8.8% | -54.2% |
| 1966 | 10.9% | +25.1% |
| 1967 | -12.7% | -215.6% |
| 1968 | 15.0% | -218.5% |
| 1969 | 26.9% | +79.4% |
| 1970 | 47.8% | +77.6% |
| 1971 | 6.4% | -86.6% |
| 1972 | 15.6% | +143.7% |
| 1973 | 13.8% | -11.6% |
| 1974 | 89.2% | +547.5% |
| 1975 | 55.7% | -37.6% |
| 1976 | 41.5% | -25.5% |
| 1977 | 34.5% | -16.8% |
| 1978 | -2.0% | -105.8% |
| 1979 | 31.0% | -1639.6% |
| 1980 | 46.1% | +49.0% |
| 1981 | 5.9% | -87.2% |
| 1982 | 9.5% | +61.8% |
| 1983 | 14.0% | +46.9% |
| 1984 | 11.6% | -17.3% |
| 1985 | 9.0% | -22.5% |
| 1986 | 2.0% | -78.3% |
| 1987 | 22.4% | +1047.5% |
| 1988 | 32.9% | +46.9% |
| 1989 | 12.9% | -60.7% |
| 1990 | 32.7% | +152.9% |
| 1991 | 37.4% | +14.3% |
| 1992 | 63.3% | +69.2% |
| 1993 | 53.8% | -15.0% |
| 1994 | 34.5% | -35.8% |
| 1995 | 19.4% | -43.7% |
| 1996 | 16.2% | -16.7% |
| 1997 | 16.0% | -0.9% |
| 1998 | 22.3% | +39.1% |
| 1999 | 33.1% | +48.4% |
| 2000 | 48.1% | +45.1% |
| 2001 | 26.4% | -45.1% |
| 2002 | 18.8% | -28.6% |
| 2003 | 13.5% | -28.2% |
| 2004 | 20.7% | +53.0% |
| 2005 | 22.6% | +9.3% |
| 2006 | 36.4% | +60.8% |
| 2007 | 87.8% | +141.4% |
| 2008 | 42.2% | -51.9% |
| 2009 | 14.9% | -64.8% |
| 2010 | 6.7% | -54.8% |
| 2011 | 21.7% | +222.5% |
| 2012 | 27.1% | +24.9% |
| 2013 | 14.3% | -47.2% |
| 2014 | -0.8% | -105.6% |
| 2015 | 4.1% | -615.0% |
| 2016 | 31.9% | +680.5% |
| 2017 | 1.4% | -95.7% |
| 2018 | 15.0% | +979.5% |
| 2019 | 6.4% | -57.0% |
| 2020 | 11.6% | +80.4% |
| 2021 | 14.2% | +22.4% |
| 2022 | 17.4% | +22.4% |
| 2023 | 50.9% | +192.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 10.7% | -12.7% | 26.9% | 9 |
| 1970s | 33.3% | -2.0% | 89.2% | 10 |
| 1980s | 16.6% | 2.0% | 46.1% | 10 |
| 1990s | 32.9% | 16.0% | 63.3% | 10 |
| 2000s | 33.1% | 13.5% | 87.8% | 10 |
| 2010s | 12.8% | -0.8% | 31.9% | 10 |
| 2020s | 23.6% | 11.6% | 50.9% | 4 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Net domestic credit (current LCU), per capita 296,323 current LCU per person (2022)
- Net domestic credit (current LCU), per unit of GDP 102.21 current LCU per US$ of GDP (2022)
- Net domestic credit (current LCU), annual growth rate 35.83 % change on previous year (2022)
- Gold reserves at 35 SDRs per ounce 24.13 million SDR (2025)
- Gold reserves at market value 2.20 billion SDR (2025)
- Reserves excluding gold, foreign exchange 28.09 billion SDR (2025)
- Reserves excluding gold 31.41 billion SDR (2025)
- Total reserves (gold at market value) 33.61 billion SDR (2025)
- Total reserves (gold at national valuation) 33.58 billion SDR (2025)
- Total reserves (gold at national valuation) (SDR), per capita 141.38 SDR per person (2025)
Frequently asked questions
- What is broad money growth in Nigeria?
- Broad money growth in Nigeria was 50.9% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest broad money growth recorded in Nigeria?
- The highest recorded value was 89.2% in 1974.
- What is the lowest broad money growth recorded in Nigeria?
- The lowest recorded value was -12.7% in 1967.
- How does Nigeria rank for broad money growth?
- Nigeria ranks 6th out of 166 countries with data for 2023.
- Is broad money growth rising or falling in Nigeria?
- Over the last ten years it is up 256.0%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Broad money growth (annual %). Statizoid updates them automatically from the source API.
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About this data
Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.