Private credit by deposit money banks to GDP in Nigeria
Nigeria: Private credit by deposit money banks to GDP was 12.2% in 2021. ▲ Rising
Private credit by deposit money banks to GDP in Nigeria, 1960–2021
Source: International Financial Statistics (IFS), International Monetary Fund (IMF). Measured in %.
Analysis
Nigeria recorded 12.2% for private credit by deposit money banks to gdp in 2021.
Compared with earlier readings it is up 8.9% on the previous year and up 13.1% over ten years.
Over the whole period, private credit by deposit money banks to gdp in Nigeria peaked at 20.8% in 2008 and was at its lowest, 3.7%, in 1960.
Nigeria ranks 168th 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 to GDP 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 | 12.8% | -12.5% |
| 2018 | 10.2% | -20.3% |
| 2019 | 10.4% | +2.5% |
| 2020 | 11.2% | +7.6% |
| 2021 | 12.2% | +8.9% |
Nigeria compared with similar countries
- Nigeria's 12.2% is below the median for lower middle income countries, which is 22.2%, 55% of the median. (46 countries reporting)
- Nigeria's 12.2% is below the median for Sub-Saharan Africa, which is 15.4%, 80% 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 | 12.0% | 10.2% | 14.6% | 10 |
| 2020s | 11.7% | 11.2% | 12.2% | 2 |
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 private credit by deposit money banks to gdp in Nigeria?
- Private credit by deposit money banks to gdp in Nigeria was 12.2% in 2021, according to International Financial Statistics (IFS), International Monetary Fund (IMF).
- What is the highest private credit by deposit money banks to gdp recorded in Nigeria?
- The highest recorded value was 20.8% in 2008.
- What is the lowest private credit by deposit money banks to gdp recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for private credit by deposit money banks to gdp?
- Nigeria ranks 168th out of 187 countries with data for 2021.
- Is private credit by deposit money banks to gdp rising or falling in Nigeria?
- Over the last ten years it is up 13.1%. 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 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 (IFS line 22d); 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).