Interest rate spread in Nigeria
Nigeria: Interest rate spread was 6.2% in 2023. ▲ Rising
Interest rate spread in Nigeria, 1970–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in lending rate minus deposit rate, %.
Analysis
The most recent figure for interest rate spread in Nigeria is 6.2%, measured in 2023.
Compared with earlier readings it is down 3.1% on the previous year and down 29.7% over ten years.
Over the whole period, interest rate spread in Nigeria peaked at 11.1% in 2010 and was at its lowest, 0.3%, in 1985.
Nigeria ranks 51st of 141 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 54 years of available data.
Interest rate spread in Nigeria, year by year
| Year | lending rate minus deposit rate, % | Change |
|---|---|---|
| 1970 | 4.0% | — |
| 1971 | 4.0% | +0.0% |
| 1972 | 4.0% | -1.0% |
| 1973 | 4.0% | +1.1% |
| 1974 | 4.0% | +0.0% |
| 1975 | 3.2% | -18.8% |
| 1976 | 3.8% | +17.9% |
| 1977 | 3.2% | -17.4% |
| 1978 | 2.6% | -17.8% |
| 1979 | 3.7% | +41.7% |
| 1980 | 3.2% | -14.2% |
| 1981 | 3.2% | +1.1% |
| 1982 | 1.9% | -39.5% |
| 1983 | 2.6% | +32.4% |
| 1984 | 2.0% | -22.5% |
| 1985 | 0.3% | -84.1% |
| 1986 | 0.7% | +128.7% |
| 1987 | 0.9% | +20.7% |
| 1988 | 3.7% | +319.4% |
| 1989 | 5.8% | +57.3% |
| 1990 | 5.5% | -4.3% |
| 1991 | 5.1% | -7.1% |
| 1992 | 6.7% | +31.1% |
| 1993 | 8.4% | +25.2% |
| 1994 | 7.4% | -12.1% |
| 1995 | 6.7% | -9.3% |
| 1996 | 6.8% | +1.1% |
| 1997 | 10.6% | +56.8% |
| 1998 | 8.1% | -24.0% |
| 1999 | 7.5% | -7.4% |
| 2000 | 9.6% | +28.1% |
| 2001 | 8.2% | -14.6% |
| 2002 | 8.1% | -1.0% |
| 2003 | 6.5% | -19.8% |
| 2004 | 5.5% | -15.6% |
| 2005 | 7.4% | +35.3% |
| 2006 | 7.1% | -3.7% |
| 2007 | 6.7% | -6.9% |
| 2008 | 3.3% | -50.9% |
| 2009 | 6.0% | +84.6% |
| 2010 | 11.1% | +83.4% |
| 2011 | 10.3% | -6.7% |
| 2012 | 8.4% | -18.8% |
| 2013 | 8.8% | +4.7% |
| 2014 | 7.2% | -17.8% |
| 2015 | 7.7% | +6.8% |
| 2016 | 9.4% | +21.7% |
| 2017 | 8.0% | -14.7% |
| 2018 | 7.2% | -9.9% |
| 2019 | 6.5% | -10.1% |
| 2020 | 9.0% | +38.9% |
| 2021 | 7.3% | -19.1% |
| 2022 | 6.4% | -12.4% |
| 2023 | 6.2% | -3.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.7% | 2.6% | 4.0% | 10 |
| 1980s | 2.4% | 0.3% | 5.8% | 10 |
| 1990s | 7.3% | 5.1% | 10.6% | 10 |
| 2000s | 6.8% | 3.3% | 9.6% | 10 |
| 2010s | 8.5% | 6.5% | 11.1% | 10 |
| 2020s | 7.2% | 6.2% | 9.0% | 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 interest rate spread in Nigeria?
- Interest rate spread in Nigeria was 6.2% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest interest rate spread recorded in Nigeria?
- The highest recorded value was 11.1% in 2010.
- What is the lowest interest rate spread recorded in Nigeria?
- The lowest recorded value was 0.3% in 1985.
- How does Nigeria rank for interest rate spread?
- Nigeria ranks 51st out of 141 countries with data for 2023.
- Is interest rate spread rising or falling in Nigeria?
- Over the last ten years it is down 29.7%. 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 Interest rate spread (lending rate minus deposit rate, %). Statizoid updates them automatically from the source API.
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About this data
Interest rate spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.