Domestic credit to private sector by banks in Nigeria
Nigeria: Domestic credit to private sector by banks was 13.1% in 2023. ▲ Rising
Domestic credit to private sector by banks in Nigeria, 1960–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for domestic credit to private sector by banks in Nigeria is 13.1%, measured in 2023.
The figure is up 37.8% on the previous year and up 13.9% over ten years.
Over the whole period, domestic credit to private sector by banks in Nigeria peaked at 19.6% in 2009 and was at its lowest, 3.7%, in 1960.
That places Nigeria 160th out of 187 countries with data for 2023, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 64 years of available data.
Domestic credit to private sector by banks in Nigeria, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | 3.7% | — |
| 1961 | 3.7% | +0.2% |
| 1962 | 5.0% | +34.4% |
| 1963 | 5.6% | +13.4% |
| 1964 | 6.2% | +10.3% |
| 1965 | 6.6% | +5.2% |
| 1966 | 6.9% | +4.7% |
| 1967 | 7.6% | +10.8% |
| 1968 | 6.0% | -20.5% |
| 1969 | 4.9% | -18.4% |
| 1970 | 3.9% | -21.7% |
| 1971 | 4.8% | +24.3% |
| 1972 | 5.4% | +13.5% |
| 1973 | 6.0% | +9.5% |
| 1974 | 4.6% | -22.5% |
| 1975 | 6.4% | +39.0% |
| 1976 | 7.2% | +12.2% |
| 1977 | 8.7% | +21.2% |
| 1978 | 10.7% | +22.6% |
| 1979 | 10.2% | -5.1% |
| 1980 | 12.0% | +18.3% |
| 1981 | 5.7% | -52.4% |
| 1982 | 6.4% | +11.3% |
| 1983 | 6.2% | -3.5% |
| 1984 | 6.2% | +1.0% |
| 1985 | 6.0% | -3.5% |
| 1986 | 7.5% | +25.7% |
| 1987 | 6.6% | -12.8% |
| 1988 | 6.0% | -8.4% |
| 1989 | 5.0% | -16.1% |
| 1990 | 4.9% | -1.9% |
| 1991 | 5.0% | +0.9% |
| 1992 | 8.2% | +63.7% |
| 1993 | 6.9% | -15.1% |
| 1994 | 8.0% | +15.2% |
| 1995 | 6.5% | -18.8% |
| 1996 | 6.2% | -5.2% |
| 1997 | 7.0% | +14.0% |
| 1998 | 7.6% | +8.5% |
| 1999 | 8.2% | +7.1% |
| 2000 | 8.2% | +0.8% |
| 2001 | 9.8% | +19.8% |
| 2002 | 8.1% | -18.0% |
| 2003 | 8.9% | +10.2% |
| 2004 | 8.5% | -5.0% |
| 2005 | 8.4% | -0.3% |
| 2006 | 8.1% | -3.7% |
| 2007 | 13.4% | +65.1% |
| 2008 | 18.6% | +38.7% |
| 2009 | 19.6% | +5.5% |
| 2010 | 13.5% | -31.3% |
| 2011 | 11.0% | -18.0% |
| 2012 | 10.6% | -4.0% |
| 2013 | 11.5% | +8.8% |
| 2014 | 13.3% | +15.3% |
| 2015 | 13.1% | -1.7% |
| 2016 | 14.6% | +11.7% |
| 2017 | 12.8% | -12.5% |
| 2018 | 10.2% | -20.3% |
| 2019 | 7.4% | -27.2% |
| 2020 | 8.1% | +9.4% |
| 2021 | 8.8% | +8.9% |
| 2022 | 9.5% | +7.9% |
| 2023 | 13.1% | +37.8% |
Nigeria compared with similar countries
- Nigeria's 13.1% is below the median for lower middle income countries, which is 23.4%, 56% of the median. (46 countries reporting)
- Nigeria's 13.1% is below the median for Sub-Saharan Africa, which is 15.6%, 84% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 5.6% | 3.7% | 7.6% | 10 |
| 1970s | 6.8% | 3.9% | 10.7% | 10 |
| 1980s | 6.8% | 5.0% | 12.0% | 10 |
| 1990s | 6.8% | 4.9% | 8.2% | 10 |
| 2000s | 11.2% | 8.1% | 19.6% | 10 |
| 2010s | 11.8% | 7.4% | 14.6% | 10 |
| 2020s | 9.9% | 8.1% | 13.1% | 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 domestic credit to private sector by banks in Nigeria?
- Domestic credit to private sector by banks in Nigeria was 13.1% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest domestic credit to private sector by banks recorded in Nigeria?
- The highest recorded value was 19.6% in 2009.
- What is the lowest domestic credit to private sector by banks recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for domestic credit to private sector by banks?
- Nigeria ranks 160th out of 187 countries with data for 2023.
- Is domestic credit to private sector by banks rising or falling in Nigeria?
- Over the last ten years it is up 13.9%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Domestic credit to private sector by banks (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations (deposit taking corporations except central banks), such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.