Nigeria: Claims on other sectors of the domestic economy (annual growth as % of broad money)

Key figures

What the numbers say

In 2023, Nigeria's claims on other sectors of the domestic economy (annual growth as % of broad money) rose 22.75 percentage points on 2022 (from 17.03% to 39.78%).

Across the 20 yearly changes before that (2003 to 2022), the average change was +0.56 percentage points and a typical year strayed about 21.92 percentage points from that (the standard deviation). This year's change was 1.0 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 55.2 percentage points in 2007 and the biggest yearly fall was 35.86 percentage points in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 the straight-line trend is upward, about 2.08 percentage points a year. A straight line explains 32% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2023, Nigeria had the 2nd highest value of the 12 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Nigeria in the 2023 ranking

• Zimbabwe — 1st of 12: 438.72%
• Congo, Dem. Rep. — 3rd of 12: 29.34%
• Tajikistan — 4th of 12: 16.14%
• Nicaragua — 5th of 12: 13.2%

What this measures

Claims on other sectors of the domestic economy include gross credit from the financial system to households, nonprofit institutions serving households, nonfinancial corporations, state and local governments, and social security funds. Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. This indicator represents the annual percentage growth in the ratio of claims to broad money.

Limitations: Monetary accounts are derived from the balance sheets of financial institutions - the central bank, commercial banks, and nonbank financial intermediaries. Although these balance sheets are usually reliable, they are subject to errors of classification, valuation, and timing and to differences in accounting practices. For example, whether interest income is recorded on an accrual or a cash basis can make a substantial difference, as can the treatment of nonperforming assets. Valuation errors typically arise for foreign exchange transactions, particularly in countries with flexible exchange rates or in countries that have undergone currency devaluation during the reporting period.

All 22 values

Claims on other sectors of the domestic economy (annual growth as % of broad money) in nearby economies

• Angola — 7.21% (2025)
• Benin — 8.16% (2025)
• Botswana — 1.88% (2025)
• Burkina Faso — -4.48% (2025)
• Burundi — 9.8% (2019)
• Cabo Verde — 3.69% (2025)
• Cameroon — 0.46% (2019)
• Central African Republic

More financial sector data for Nigeria

• Broad money (current LCU) — 126.82 trillion (2025)
• Broad money (% of GDP) — 28.72% (2025)
• Broad money to total reserves ratio — 1.81 (2025)
• Consumer price index (2010 = 100) — 860.32 (2025)
• Inflation, consumer prices (annual % growth) — 23.01% (2025)
• GDP deflator (base year varies by country) — 194.92 (2025)
• DEC alternative conversion factor (LCU per US$) — US$1,518 (2025)
• Official exchange rate (LCU per US$, period average) — US$1,518 (2025)
• Broad money (annual % growth) — 11.87% (2025)
• Inflation, GDP deflator (annual % growth)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Nigeria's claims on other sectors of the domestic economy (annual growth as % of broad money)?

39.78% in 2023, according to the World Bank (World Development Indicators).

How has it changed since 2002?

It is up 34.03 percentage points from 5.75% in 2002. The highest value was 79.15% in 2007 and the lowest -12.66% in 2010.

How does Nigeria rank?

2nd highest of 12 economies with data for 2023.

Is the latest change in claims on other sectors of the domestic economy (annual growth as % of broad money) unusual for Nigeria?

In 2023, Nigeria's claims on other sectors of the domestic economy (annual growth as % of broad money) rose 22.75 percentage points on 2022 (from 17.03% to 39.78%). Across the 20 yearly changes before that (2003 to 2022), the average change was +0.56 percentage points and a typical year strayed about 21.92 percentage points from that (the standard deviation). This year's change was 1.0 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator FM.AST.DOMO.ZG.M3, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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