Financial system deposits to GDP in Nigeria
Nigeria: Financial system deposits to GDP was 21.8% in 2021. ▲ Rising
Financial system deposits to GDP in Nigeria, 1960–2021
Source: International Financial Statistics (IFS), International Monetary Fund (IMF). Measured in %.
Analysis
In 2021, financial system deposits to gdp in Nigeria stood at 21.8%. That is the highest value across all 62 years on record.
Compared with earlier readings it is up 4.8% on the previous year and up 23.2% over ten years.
Over the whole period, financial system deposits to gdp in Nigeria peaked at 21.8% in 2021 and was at its lowest, 4.6%, in 1960.
Nigeria ranks 164th of 185 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 62 years of available data.
Financial system deposits to GDP in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1960 | 4.6% | — |
| 1961 | 4.8% | +5.0% |
| 1962 | 4.9% | +1.1% |
| 1963 | 5.2% | +6.0% |
| 1964 | 5.8% | +11.7% |
| 1965 | 6.3% | +9.2% |
| 1966 | 6.5% | +3.7% |
| 1967 | 6.5% | -0.4% |
| 1968 | 8.9% | +36.8% |
| 1969 | 8.5% | -4.9% |
| 1970 | 7.0% | -17.5% |
| 1971 | 6.3% | -9.3% |
| 1972 | 7.2% | +13.6% |
| 1973 | 7.1% | -0.7% |
| 1974 | 7.9% | +11.1% |
| 1975 | 11.8% | +48.1% |
| 1976 | 14.1% | +19.8% |
| 1977 | 15.2% | +7.8% |
| 1978 | 13.7% | -9.5% |
| 1979 | 15.8% | +14.8% |
| 1980 | 19.1% | +21.0% |
| 1981 | 7.3% | -61.6% |
| 1982 | 7.8% | +6.2% |
| 1983 | 8.4% | +8.4% |
| 1984 | 9.1% | +8.0% |
| 1985 | 8.7% | -4.5% |
| 1986 | 8.6% | -0.5% |
| 1987 | 8.9% | +2.5% |
| 1988 | 8.5% | -4.1% |
| 1989 | 6.4% | -25.0% |
| 1990 | 7.7% | +20.6% |
| 1991 | 8.6% | +11.5% |
| 1992 | 9.5% | +11.3% |
| 1993 | 10.3% | +8.2% |
| 1994 | 9.2% | -10.7% |
| 1995 | 6.3% | -31.1% |
| 1996 | 5.8% | -8.0% |
| 1997 | 6.5% | +11.0% |
| 1998 | 7.3% | +12.1% |
| 1999 | 9.3% | +27.7% |
| 2000 | 10.5% | +13.4% |
| 2001 | 11.6% | +10.4% |
| 2002 | 10.1% | -12.8% |
| 2003 | 10.0% | -1.4% |
| 2004 | 9.2% | -7.6% |
| 2005 | 8.8% | -4.3% |
| 2006 | 9.4% | +6.4% |
| 2007 | 14.8% | +57.1% |
| 2008 | 20.1% | +36.2% |
| 2009 | 21.3% | +6.1% |
| 2010 | 17.8% | -16.5% |
| 2011 | 17.7% | -0.5% |
| 2012 | 18.4% | +4.0% |
| 2013 | 19.0% | +2.9% |
| 2014 | 18.3% | -3.6% |
| 2015 | 17.4% | -4.5% |
| 2016 | 17.4% | -0.1% |
| 2017 | 16.5% | -5.3% |
| 2018 | 16.4% | -0.6% |
| 2019 | 16.5% | +0.3% |
| 2020 | 20.8% | +26.6% |
| 2021 | 21.8% | +4.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 6.2% | 4.6% | 8.9% | 10 |
| 1970s | 10.6% | 6.3% | 15.8% | 10 |
| 1980s | 9.3% | 6.4% | 19.1% | 10 |
| 1990s | 8.1% | 5.8% | 10.3% | 10 |
| 2000s | 12.6% | 8.8% | 21.3% | 10 |
| 2010s | 17.5% | 16.4% | 19.0% | 10 |
| 2020s | 21.3% | 20.8% | 21.8% | 2 |
Countries ranked near Nigeria
- 161 Angola 22.6% compare
- 162 Argentina 21.9% compare
- 163 Mauritania 21.9% compare
- 165 Congo, Democratic Republic of the 20.9% compare
- 166 Madagascar 20.1% compare
- 167 Guinea-Bissau 19.6% compare
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 financial system deposits to gdp in Nigeria?
- Financial system deposits to gdp in Nigeria was 21.8% in 2021, according to International Financial Statistics (IFS), International Monetary Fund (IMF).
- What is the highest financial system deposits to gdp recorded in Nigeria?
- The highest recorded value was 21.8% in 2021.
- What is the lowest financial system deposits to gdp recorded in Nigeria?
- The lowest recorded value was 4.6% in 1960.
- How does Nigeria rank for financial system deposits to gdp?
- Nigeria ranks 164th out of 185 countries with data for 2021.
- Is financial system deposits to gdp rising or falling in Nigeria?
- Over the last ten years it is up 23.2%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics (IFS), International Monetary Fund (IMF), published as part of Financial system deposits to GDP (%). Statizoid updates them automatically from the source API.
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About this data
Demand, time and saving deposits in deposit money banks and other financial institutions as a share of GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is demand and time and saving deposits, P_e is end-of period CPI, and P_a is average annual CPI. Raw data are from the electronic version of the IMF’s International Financial Statistics. Financial system deposits (IFS lines 24, 25, 44, and 45); GDP in local currency (IFS line 99B..ZF or, if not available, line 99B.CZF); end-of period CPI (IFS line 64M..ZF or, if not available, 64Q..ZF); and average annual CPI is calculated using the monthly CPI values (IFS line 64M..ZF).