Real interest rate in Nigeria
Nigeria: Real interest rate was 2.9% in 2023. ◆ Volatile
Real interest rate in Nigeria, 1970–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in %.
Analysis
The most recent figure for real interest rate in Nigeria is 2.9%, measured in 2023.
Compared with earlier readings it is down 27.8% on the previous year and down 74.4% over ten years.
Over the whole period, real interest rate in Nigeria peaked at 18.2% in 2009 and was at its lowest, -65.9%, in 1981.
That places Nigeria 97th out of 149 countries with data for 2023, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Real interest rate in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1970 | -29.3% | — |
| 1971 | 5.6% | -119.1% |
| 1972 | 4.0% | -28.4% |
| 1973 | 1.6% | -60.7% |
| 1974 | -25.7% | -1735.6% |
| 1975 | -14.0% | -45.6% |
| 1976 | -6.9% | -50.8% |
| 1977 | -4.3% | -38.0% |
| 1978 | -6.3% | +47.7% |
| 1979 | -3.0% | -52.4% |
| 1980 | -3.5% | +18.5% |
| 1981 | -65.9% | +1756.5% |
| 1982 | -4.6% | -93.0% |
| 1983 | -8.0% | +74.9% |
| 1984 | 4.3% | -154.1% |
| 1985 | 2.3% | -46.0% |
| 1986 | 4.3% | +83.9% |
| 1987 | -4.8% | -210.7% |
| 1988 | -3.0% | -37.9% |
| 1989 | -6.6% | +123.2% |
| 1990 | 17.5% | -364.1% |
| 1991 | 1.0% | -94.3% |
| 1992 | -15.0% | -1612.6% |
| 1993 | -7.1% | -52.9% |
| 1994 | -15.9% | +125.7% |
| 1995 | -31.5% | +97.6% |
| 1996 | -5.3% | -83.3% |
| 1997 | 12.1% | -330.5% |
| 1998 | 11.5% | -5.3% |
| 1999 | 6.0% | -47.3% |
| 2000 | -1.1% | -118.9% |
| 2001 | 12.1% | -1164.0% |
| 2002 | 3.0% | -75.1% |
| 2003 | 9.9% | +228.6% |
| 2004 | -2.6% | -126.2% |
| 2005 | -1.6% | -38.8% |
| 2006 | -5.6% | +253.1% |
| 2007 | 9.2% | -263.2% |
| 2008 | 6.7% | -27.2% |
| 2009 | 18.2% | +172.0% |
| 2010 | 1.1% | -94.1% |
| 2011 | 5.7% | +432.5% |
| 2012 | 6.2% | +9.5% |
| 2013 | 11.2% | +80.0% |
| 2014 | 11.4% | +1.4% |
| 2015 | 13.6% | +19.7% |
| 2016 | 6.7% | -50.8% |
| 2017 | 5.8% | -13.4% |
| 2018 | 6.1% | +4.6% |
| 2019 | -25.8% | -525.6% |
| 2020 | 2.1% | -108.3% |
| 2021 | -1.0% | -147.7% |
| 2022 | 4.0% | -487.4% |
| 2023 | 2.9% | -27.8% |
Nigeria compared with similar countries
- Nigeria's 2.9% is below the median for lower middle income countries, which is 5.2%, 55% of the median. (38 countries reporting)
- Nigeria's 2.9% is below the median for Sub-Saharan Africa, which is 4.9%, 58% of the median. (39 countries reporting)
Biggest year-on-year movements
Years where Real interest rate in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1981 | -1756.5% | -3.5% | -65.9% |
| 1974 | -1735.6% | 1.6% | -25.7% |
| 1992 | -1612.6% | 1.0% | -15.0% |
| 2001 | +1164.0% | -1.1% | 12.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | -7.8% | -29.3% | 5.6% | 10 |
| 1980s | -8.5% | -65.9% | 4.3% | 10 |
| 1990s | -2.7% | -31.5% | 17.5% | 10 |
| 2000s | 4.8% | -5.6% | 18.2% | 10 |
| 2010s | 4.2% | -25.8% | 13.6% | 10 |
| 2020s | 2.0% | -1.0% | 4.0% | 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 real interest rate in Nigeria?
- Real interest rate in Nigeria was 2.9% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest real interest rate recorded in Nigeria?
- The highest recorded value was 18.2% in 2009.
- What is the lowest real interest rate recorded in Nigeria?
- The lowest recorded value was -65.9% in 1981.
- How does Nigeria rank for real interest rate?
- Nigeria ranks 97th out of 149 countries with data for 2023.
- Is real interest rate rising or falling in Nigeria?
- Over the last ten years it is down 74.4%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Real interest rate (%). Statizoid updates them automatically from the source API.
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About this data
An interest rate is the amount charged, expressed as a percentage of the principal over a period of time, by the owners of certain kinds of financial assets for putting the financial assets at the disposal of another institutional unit. The real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability. This indicator is expressed as a percentage (a÷b)*100.