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 148 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 54 years of available data.
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
- Net migration -15,258 (2025)
- Total reserves in months of imports 7.12 (2025)
- Net domestic credit 66.12 trillion current LCU (2022)
- Domestic credit to private sector by banks 13.1% (2023)
- Net foreign assets 3.79 trillion current LCU (2022)
- Claims on central government, etc. 8.6% (2022)
- Monetary Sector credit to private sector 9.6% (2022)
- Domestic credit to private sector 9.6% (2022)
- Broad money 25.1% (2023)
- Official exchange rate 1,518 LCU per US$, period average (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 148 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.
Download this data
CSV · JSON — 54 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.