Lending interest rate in Nigeria
Nigeria: Lending interest rate was 14.0% in 2023. ▲ Rising
Lending interest rate in Nigeria, 1970–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in %.
Analysis
The most recent figure for lending interest rate in Nigeria is 14.0%, measured in 2023.
The figure is up 13.6% on the previous year and down 16.2% over ten years.
Over the whole period, lending interest rate in Nigeria peaked at 31.6% in 1993 and was at its lowest, 6.0%, in 1977.
Nigeria ranks 38th of 149 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 54 years of available data.
Lending interest rate in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1970 | 7.0% | — |
| 1971 | 7.0% | +0.0% |
| 1972 | 7.0% | +0.0% |
| 1973 | 7.0% | +0.0% |
| 1974 | 7.0% | +0.0% |
| 1975 | 6.2% | -10.7% |
| 1976 | 6.5% | +4.0% |
| 1977 | 6.0% | -7.7% |
| 1978 | 6.8% | +12.5% |
| 1979 | 8.2% | +20.7% |
| 1980 | 8.4% | +3.5% |
| 1981 | 8.9% | +5.8% |
| 1982 | 9.5% | +7.0% |
| 1983 | 10.0% | +4.6% |
| 1984 | 10.2% | +2.7% |
| 1985 | 9.4% | -7.9% |
| 1986 | 10.0% | +5.6% |
| 1987 | 14.0% | +40.2% |
| 1988 | 16.6% | +19.0% |
| 1989 | 20.4% | +23.0% |
| 1990 | 25.3% | +23.8% |
| 1991 | 20.0% | -20.8% |
| 1992 | 24.8% | +23.5% |
| 1993 | 31.6% | +27.8% |
| 1994 | 20.5% | -35.3% |
| 1995 | 20.2% | -1.2% |
| 1996 | 19.8% | -2.0% |
| 1997 | 17.8% | -10.3% |
| 1998 | 18.2% | +2.2% |
| 1999 | 20.3% | +11.6% |
| 2000 | 21.3% | +4.9% |
| 2001 | 23.4% | +10.2% |
| 2002 | 24.8% | +5.7% |
| 2003 | 20.7% | -16.4% |
| 2004 | 19.2% | -7.4% |
| 2005 | 17.9% | -6.4% |
| 2006 | 16.9% | -5.9% |
| 2007 | 16.9% | +0.3% |
| 2008 | 15.1% | -10.6% |
| 2009 | 19.0% | +25.5% |
| 2010 | 17.6% | -7.4% |
| 2011 | 16.0% | -8.9% |
| 2012 | 16.8% | +4.8% |
| 2013 | 16.7% | -0.4% |
| 2014 | 16.5% | -1.0% |
| 2015 | 16.8% | +1.8% |
| 2016 | 16.9% | +0.1% |
| 2017 | 17.6% | +4.1% |
| 2018 | 16.9% | -3.7% |
| 2019 | 15.4% | -9.0% |
| 2020 | 13.6% | -11.3% |
| 2021 | 11.5% | -15.8% |
| 2022 | 12.3% | +7.4% |
| 2023 | 14.0% | +13.6% |
Nigeria compared with similar countries
- Nigeria's 14.0% is above the median for lower middle income countries, which is 11.1%, 1.3× the median. (38 countries reporting)
- Nigeria's 14.0% is above the median for Sub-Saharan Africa, which is 12.4%, 1.1× the median. (39 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.9% | 6.0% | 8.2% | 10 |
| 1980s | 11.8% | 8.4% | 20.4% | 10 |
| 1990s | 21.9% | 17.8% | 31.6% | 10 |
| 2000s | 19.5% | 15.1% | 24.8% | 10 |
| 2010s | 16.7% | 15.4% | 17.6% | 10 |
| 2020s | 12.9% | 11.5% | 14.0% | 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 lending interest rate in Nigeria?
- Lending interest rate in Nigeria was 14.0% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest lending interest rate recorded in Nigeria?
- The highest recorded value was 31.6% in 1993.
- What is the lowest lending interest rate recorded in Nigeria?
- The lowest recorded value was 6.0% in 1977.
- How does Nigeria rank for lending interest rate?
- Nigeria ranks 38th out of 149 countries with data for 2023.
- Is lending interest rate rising or falling in Nigeria?
- Over the last ten years it is down 16.2%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Lending interest rate (%). Statizoid updates them automatically from the source API.
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About this data
Lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability.