Domestic credit to private sector in Nigeria
Nigeria: Domestic credit to private sector was 9.6% in 2022. ▲ Rising
Domestic credit to private sector in Nigeria, 1960–2022
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
Nigeria recorded 9.6% for domestic credit to private sector in 2022.
The figure is down 1.8% on the previous year and down 9.8% over ten years.
Over the whole period, domestic credit to private sector in Nigeria peaked at 19.6% in 2009 and was at its lowest, 3.7%, in 1960.
Nigeria ranks 171st of 187 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 63 years of available data.
Domestic credit to private sector in Nigeria, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | 3.7% | — |
| 1961 | 3.7% | +0.2% |
| 1962 | 5.6% | +50.4% |
| 1963 | 6.4% | +15.6% |
| 1964 | 6.3% | -1.7% |
| 1965 | 6.7% | +5.9% |
| 1966 | 7.2% | +7.5% |
| 1967 | 7.8% | +8.4% |
| 1968 | 7.9% | +0.7% |
| 1969 | 6.6% | -15.5% |
| 1970 | 4.9% | -26.0% |
| 1971 | 5.4% | +9.5% |
| 1972 | 6.1% | +13.9% |
| 1973 | 6.0% | -1.5% |
| 1974 | 4.7% | -22.3% |
| 1975 | 6.8% | +45.0% |
| 1976 | 7.6% | +11.8% |
| 1977 | 9.2% | +21.3% |
| 1978 | 11.0% | +18.9% |
| 1979 | 10.4% | -5.5% |
| 1980 | 12.2% | +17.7% |
| 1981 | 5.8% | -52.5% |
| 1982 | 6.5% | +11.2% |
| 1983 | 6.2% | -3.8% |
| 1984 | 6.3% | +0.9% |
| 1985 | 6.0% | -3.6% |
| 1986 | 7.6% | +25.4% |
| 1987 | 6.6% | -12.8% |
| 1988 | 6.1% | -8.1% |
| 1989 | 5.1% | -16.1% |
| 1990 | 5.0% | -2.6% |
| 1991 | 5.2% | +5.7% |
| 1992 | 8.2% | +57.1% |
| 1993 | 7.0% | -14.9% |
| 1994 | 8.0% | +14.7% |
| 1995 | 6.5% | -19.0% |
| 1996 | 6.2% | -5.1% |
| 1997 | 7.0% | +13.9% |
| 1998 | 7.6% | +8.4% |
| 1999 | 8.2% | +7.2% |
| 2000 | 8.2% | +1.0% |
| 2001 | 9.9% | +19.8% |
| 2002 | 8.1% | -18.2% |
| 2003 | 8.9% | +10.2% |
| 2004 | 8.5% | -5.0% |
| 2005 | 8.4% | -0.3% |
| 2006 | 8.1% | -3.7% |
| 2007 | 13.8% | +69.9% |
| 2008 | 18.6% | +35.1% |
| 2009 | 19.6% | +5.3% |
| 2010 | 13.5% | -31.3% |
| 2011 | 11.0% | -18.1% |
| 2012 | 10.6% | -4.0% |
| 2013 | 11.5% | +8.8% |
| 2014 | 13.3% | +15.3% |
| 2015 | 13.1% | -1.6% |
| 2016 | 14.6% | +11.7% |
| 2017 | 12.9% | -12.0% |
| 2018 | 10.2% | -20.3% |
| 2019 | 7.9% | -22.7% |
| 2020 | 8.8% | +10.6% |
| 2021 | 9.7% | +11.1% |
| 2022 | 9.6% | -1.8% |
Nigeria compared with similar countries
- Nigeria's 9.6% is below the median for lower middle income countries, which is 24.7%, 39% of the median. (46 countries reporting)
- Nigeria's 9.6% is below the median for Sub-Saharan Africa, which is 15.9%, 60% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 6.2% | 3.7% | 7.9% | 10 |
| 1970s | 7.2% | 4.7% | 11.0% | 10 |
| 1980s | 6.8% | 5.1% | 12.2% | 10 |
| 1990s | 6.9% | 5.0% | 8.2% | 10 |
| 2000s | 11.2% | 8.1% | 19.6% | 10 |
| 2010s | 11.9% | 7.9% | 14.6% | 10 |
| 2020s | 9.4% | 8.8% | 9.7% | 3 |
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 in Nigeria?
- Domestic credit to private sector in Nigeria was 9.6% in 2022, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest domestic credit to private sector recorded in Nigeria?
- The highest recorded value was 19.6% in 2009.
- What is the lowest domestic credit to private sector recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for domestic credit to private sector?
- Nigeria ranks 171st out of 187 countries with data for 2022.
- Is domestic credit to private sector rising or falling in Nigeria?
- Over the last ten years it is down 9.8%. 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 (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, 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. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies. 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.