Claims on private sector (annual growth as % of broad money) in Nigeria
Nigeria: Claims on private sector (annual growth as % of broad money) was 29.2% in 2023. ◆ Volatile
Claims on private sector in Nigeria, 1961–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in annual growth as % of broad money.
Analysis
In 2023, claims on private sector in Nigeria stood at 29.2%.
Compared with earlier readings it is up 411.2% on the previous year and up 215.5% over ten years.
Over the whole period, claims on private sector in Nigeria peaked at 65.1% in 2007 and was at its lowest, -10.6%, in 2010.
Nigeria ranks 9th of 167 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Claims on private sector (annual growth as % of broad money) in Nigeria, year by year
| Year | annual growth as % of broad money | Change |
|---|---|---|
| 1961 | 2.7% | — |
| 1962 | 25.7% | +859.8% |
| 1963 | 12.7% | -50.7% |
| 1964 | 3.7% | -70.8% |
| 1965 | 7.0% | +88.6% |
| 1966 | 9.9% | +42.1% |
| 1967 | -7.2% | -172.3% |
| 1968 | 0.4% | -105.8% |
| 1969 | 4.4% | +948.1% |
| 1970 | 19.0% | +333.2% |
| 1971 | 12.1% | -36.4% |
| 1972 | 11.4% | -6.0% |
| 1973 | 5.3% | -53.6% |
| 1974 | 13.2% | +149.9% |
| 1975 | 24.8% | +88.3% |
| 1976 | 15.3% | -38.3% |
| 1977 | 16.2% | +6.1% |
| 1978 | 11.2% | -31.0% |
| 1979 | 6.6% | -41.1% |
| 1980 | 17.1% | +160.3% |
| 1981 | 13.5% | -21.5% |
| 1982 | 10.1% | -25.3% |
| 1983 | 1.4% | -85.6% |
| 1984 | 2.8% | +94.8% |
| 1985 | 4.5% | +59.1% |
| 1986 | 15.8% | +253.1% |
| 1987 | 4.9% | -69.3% |
| 1988 | 10.3% | +112.6% |
| 1989 | 5.1% | -50.4% |
| 1990 | 7.8% | +52.8% |
| 1991 | 11.1% | +41.7% |
| 1992 | 55.2% | +396.5% |
| 1993 | 10.5% | -81.1% |
| 1994 | 27.2% | +160.6% |
| 1995 | 22.3% | -18.0% |
| 1996 | 15.8% | -29.1% |
| 1997 | 15.8% | -0.5% |
| 1998 | 12.9% | -18.1% |
| 1999 | 15.5% | +20.4% |
| 2000 | 19.3% | +23.9% |
| 2001 | 22.3% | +15.8% |
| 2002 | 8.9% | -60.2% |
| 2003 | 17.9% | +101.4% |
| 2004 | 18.4% | +3.2% |
| 2005 | 19.6% | +6.0% |
| 2006 | 19.8% | +1.0% |
| 2007 | 65.1% | +229.3% |
| 2008 | 39.8% | -38.9% |
| 2009 | 11.4% | -71.3% |
| 2010 | -10.6% | -193.2% |
| 2011 | -3.4% | -68.1% |
| 2012 | 4.9% | -245.6% |
| 2013 | 9.3% | +87.7% |
| 2014 | 12.8% | +38.4% |
| 2015 | 2.3% | -82.4% |
| 2016 | 11.9% | +426.9% |
| 2017 | -0.8% | -106.5% |
| 2018 | -5.4% | +598.7% |
| 2019 | 9.2% | -270.7% |
| 2020 | 7.1% | -23.4% |
| 2021 | 12.8% | +80.6% |
| 2022 | 5.7% | -55.2% |
| 2023 | 29.2% | +411.2% |
Nigeria compared with similar countries
- Nigeria's 29.2% is above the median for lower middle income countries, which is 5.6%, 5.3× the median. (46 countries reporting)
- Nigeria's 29.2% is above the median for Sub-Saharan Africa, which is 5.5%, 5.3× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Claims on private sector (annual growth as % of broad money) in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1969 | +948.1% | 0.4% | 4.4% |
| 1962 | +859.8% | 2.7% | 25.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 6.6% | -7.2% | 25.7% | 9 |
| 1970s | 13.5% | 5.3% | 24.8% | 10 |
| 1980s | 8.6% | 1.4% | 17.1% | 10 |
| 1990s | 19.4% | 7.8% | 55.2% | 10 |
| 2000s | 24.2% | 8.9% | 65.1% | 10 |
| 2010s | 3.0% | -10.6% | 12.8% | 10 |
| 2020s | 13.7% | 5.7% | 29.2% | 4 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.01 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.7387 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.01 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is claims on private sector in Nigeria?
- Claims on private sector in Nigeria was 29.2% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest claims on private sector recorded in Nigeria?
- The highest recorded value was 65.1% in 2007.
- What is the lowest claims on private sector recorded in Nigeria?
- The lowest recorded value was -10.6% in 2010.
- How does Nigeria rank for claims on private sector?
- Nigeria ranks 9th out of 167 countries with data for 2023.
- Is claims on private sector rising or falling in Nigeria?
- Over the last ten years it is up 215.5%. 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 Claims on private sector (annual growth as % of broad money). Statizoid updates them automatically from the source API.
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About this data
Claims on private sector include gross credit from the financial system to individuals, enterprises, nonfinancial public entities not included under net domestic credit, and financial institutions not included elsewhere. 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 represents the annual percentage growth in the ratio of claims to broad money.