Nigeria's claims on private sector (annual growth as % of broad money) was 29.22% in 2023, the latest year in the World Bank's World Development Indicators. That is up 19.96 percentage points from 9.26% in 2013.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 29.22% | 2023 |
| Five years earlier | -5.41% | 2018 |
| Ten years earlier | 9.26% | 2013 |
| Highest | 65.05% | 2007 |
| Lowest | -10.63% | 2010 |
| Average since 2014 | 8.48% | 2014–2023 |
| First recorded | 2.68% | 1961 |
What the numbers say
In 2023, Nigeria's claims on private sector (annual growth as % of broad money) rose 23.5 percentage points on 2022 (from 5.72% to 29.22%).
Across the 30 yearly changes before that (1993 to 2022), the average change was −1.65 percentage points and a typical year strayed about 15.97 percentage points from that (the standard deviation). This year's change was 1.6 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 45.3 percentage points in 2007 and the biggest yearly fall was 44.79 percentage points in 1993. 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 there is no clear straight-line trend: a straight line explains 17% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
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 15 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 15: 421.69%
- Congo, Dem. Rep. — 3rd of 15: 26.85%
- Tajikistan — 4th of 15: 14.55%
- Kyrgyz Republic — 5th of 15: 12.11%
What this measures
Claims on private sector include gross credit from the financial system to individuals, enterprises, nonfinancial public entities not included under net domestic credit, and financial institutions not included elsewhere. 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.
All 63 values
| Year | Claims on private sector (annual growth as % of broad money) |
|---|---|
| 2023 | 29.22 |
| 2022 | 5.72 |
| 2021 | 12.77 |
| 2020 | 7.07 |
| 2019 | 9.23 |
| 2018 | -5.41 |
| 2017 | -0.774 |
| 2016 | 11.91 |
| 2015 | 2.26 |
| 2014 | 12.82 |
| 2013 |
Claims on private sector (annual growth as % of broad money) in nearby economies
- Angola — 5.49% (2025)
- Benin — 9.72% (2025)
- Botswana — 2.39% (2025)
- Burkina Faso — -2.62% (2025)
- Burundi — 20.15% (2025)
- Cabo Verde — 4.11% (2025)
- Cameroon — 0.32% (2019)
- Central African Republic — 6.12% (2022)
- Chad — 11.95% (2021)
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
Questions people ask
- What is Nigeria's claims on private sector (annual growth as % of broad money)?
- 29.22% in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1961?
- It is up 26.54 percentage points from 2.68% in 1961. The highest value was 65.05% in 2007 and the lowest -10.63% in 2010.
- How does Nigeria rank?
- 2nd highest of 15 economies with data for 2023.
- Is the latest change in claims on private sector (annual growth as % of broad money) unusual for Nigeria?
- In 2023, Nigeria's claims on private sector (annual growth as % of broad money) rose 23.5 percentage points on 2022 (from 5.72% to 29.22%). Across the 30 yearly changes before that (1993 to 2022), the average change was −1.65 percentage points and a typical year strayed about 15.97 percentage points from that (the standard deviation). This year's change was 1.6 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.PRVT.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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