Private credit by deposit money banks and other financial in Nigeria
Nigeria: Private credit by deposit money banks and other financial was 12.8% in 2021. ▲ Rising
Private credit by deposit money banks and other financial in Nigeria, 1960–2021
Source: International Financial Statistics (IFS), International Monetary Fund (IMF). Measured in %.
Analysis
Nigeria recorded 12.8% for private credit by deposit money banks and other financial in 2021.
Compared with earlier readings it is up 8.4% on the previous year and up 18.1% over ten years.
Over the whole period, private credit by deposit money banks and other financial in Nigeria peaked at 20.8% in 2008 and was at its lowest, 3.7%, in 1960.
Nigeria ranks 167th of 187 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 62 years of available data.
Private credit by deposit money banks and other financial in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1960 | 3.7% | — |
| 1961 | 3.7% | +0.2% |
| 1962 | 5.0% | +34.4% |
| 1963 | 5.6% | +13.4% |
| 1964 | 6.2% | +10.3% |
| 1965 | 6.6% | +5.2% |
| 1966 | 6.9% | +4.7% |
| 1967 | 7.6% | +10.8% |
| 1968 | 6.0% | -20.5% |
| 1969 | 4.9% | -18.4% |
| 1970 | 3.9% | -21.7% |
| 1971 | 4.8% | +24.3% |
| 1972 | 5.4% | +13.5% |
| 1973 | 6.0% | +9.5% |
| 1974 | 4.6% | -22.5% |
| 1975 | 6.4% | +39.0% |
| 1976 | 7.2% | +12.2% |
| 1977 | 8.7% | +21.2% |
| 1978 | 10.7% | +22.6% |
| 1979 | 10.2% | -5.1% |
| 1980 | 12.0% | +18.3% |
| 1981 | 5.7% | -52.4% |
| 1982 | 6.4% | +11.4% |
| 1983 | 6.2% | -3.5% |
| 1984 | 6.2% | +1.0% |
| 1985 | 6.0% | -3.5% |
| 1986 | 7.5% | +25.7% |
| 1987 | 6.6% | -12.8% |
| 1988 | 6.0% | -8.4% |
| 1989 | 5.0% | -16.1% |
| 1990 | 4.9% | -1.9% |
| 1991 | 5.0% | +0.9% |
| 1992 | 8.2% | +63.7% |
| 1993 | 6.9% | -15.1% |
| 1994 | 8.0% | +15.2% |
| 1995 | 6.5% | -18.8% |
| 1996 | 6.2% | -5.2% |
| 1997 | 7.0% | +14.0% |
| 1998 | 7.6% | +8.5% |
| 1999 | 8.2% | +7.1% |
| 2000 | 8.2% | +0.8% |
| 2001 | 9.8% | +19.8% |
| 2002 | 8.1% | -18.0% |
| 2003 | 8.9% | +10.2% |
| 2004 | 8.5% | -5.0% |
| 2005 | 8.4% | -0.3% |
| 2006 | 8.1% | -3.7% |
| 2007 | 14.8% | +82.9% |
| 2008 | 20.8% | +40.0% |
| 2009 | 19.6% | -5.6% |
| 2010 | 13.0% | -33.4% |
| 2011 | 10.8% | -17.2% |
| 2012 | 10.4% | -3.5% |
| 2013 | 11.4% | +9.3% |
| 2014 | 13.1% | +15.2% |
| 2015 | 12.9% | -1.6% |
| 2016 | 14.6% | +12.9% |
| 2017 | 13.0% | -10.9% |
| 2018 | 10.5% | -19.0% |
| 2019 | 10.8% | +2.6% |
| 2020 | 11.8% | +8.8% |
| 2021 | 12.8% | +8.4% |
Nigeria compared with similar countries
- Nigeria's 12.8% is below the median for lower middle income countries, which is 24.6%, 52% of the median. (46 countries reporting)
- Nigeria's 12.8% is below the median for Sub-Saharan Africa, which is 15.4%, 83% of the median. (47 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 5.6% | 3.7% | 7.6% | 10 |
| 1970s | 6.8% | 3.9% | 10.7% | 10 |
| 1980s | 6.8% | 5.0% | 12.0% | 10 |
| 1990s | 6.8% | 4.9% | 8.2% | 10 |
| 2000s | 11.5% | 8.1% | 20.8% | 10 |
| 2010s | 12.1% | 10.4% | 14.6% | 10 |
| 2020s | 12.3% | 11.8% | 12.8% | 2 |
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 private credit by deposit money banks and other financial in Nigeria?
- Private credit by deposit money banks and other financial in Nigeria was 12.8% in 2021, according to International Financial Statistics (IFS), International Monetary Fund (IMF).
- What is the highest private credit by deposit money banks and other financial recorded in Nigeria?
- The highest recorded value was 20.8% in 2008.
- What is the lowest private credit by deposit money banks and other financial recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for private credit by deposit money banks and other financial?
- Nigeria ranks 167th out of 187 countries with data for 2021.
- Is private credit by deposit money banks and other financial rising or falling in Nigeria?
- Over the last ten years it is up 18.1%. 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 Private credit by deposit money banks and other financial institutions to GDP (%). Statizoid updates them automatically from the source API.
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About this data
Private credit by deposit money banks and other financial institutions to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is credit to the private sector, 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. Private credit by deposit money banks and other financial institutions (IFS lines 22d and 42d); 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)