Monetary Sector credit to private sector in Nigeria
Nigeria: Monetary Sector credit to private sector was 9.6% in 2022. ▲ Rising
Monetary Sector credit to private sector in Nigeria, 1960–2022
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in % GDP.
Analysis
In 2022, monetary sector credit to private sector in Nigeria stood at 9.6%.
The figure is down 1.8% on the previous year and down 9.8% over ten years.
Over the whole period, monetary sector credit to private sector in Nigeria peaked at 19.6% in 2009 and was at its lowest, 3.7%, in 1960.
Nigeria ranks 170th of 186 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 63 years of available data.
Monetary Sector credit to private sector in Nigeria, year by year
| Year | % 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% |
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
- Total reserves in months of imports, annual growth rate -1.26 % change on previous year (2025)
- Total reserves in months of imports, per unit of GDP 0 units per US$ of GDP (2025)
- Total reserves in months of imports, per capita 0 units per person (2025)
- Reserves excluding gold, foreign exchange (SDR), annual growth rate 6.98 % change on previous year (2025)
- Reserves excluding gold, foreign exchange (SDR), per unit of GDP 0.0966 SDR per US$ of GDP (2025)
- Reserves excluding gold, foreign exchange (SDR), per capita 118.25 SDR per person (2025)
- Reserves excluding gold (SDR), annual growth rate 6.08 % change on previous year (2025)
- Reserves excluding gold (SDR), per capita 132.23 SDR per person (2025)
- Total reserves (gold at market value) (SDR), annual growth rate 8.47 % change on previous year (2025)
- Total reserves (gold at market value) (SDR), per capita 141.49 SDR per person (2025)
Frequently asked questions
- What is monetary sector credit to private sector in Nigeria?
- Monetary sector 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 monetary sector credit to private sector recorded in Nigeria?
- The highest recorded value was 19.6% in 2009.
- What is the lowest monetary sector credit to private sector recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for monetary sector credit to private sector?
- Nigeria ranks 170th out of 186 countries with data for 2022.
- Is monetary sector 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 Monetary Sector credit to private sector (% 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, 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.