Nigeria - Lending interest rate (%)

The latest value for Lending interest rate (%) in Nigeria was 11.48 as of 2021. Over the past 51 years, the value for this indicator has fluctuated between 31.65 in 1993 and 6.00 in 1977.

Definition: 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.

Source: International Monetary Fund, International Financial Statistics and data files.

See also:

Year Value
1970 7.00
1971 7.00
1972 7.00
1973 7.00
1974 7.00
1975 6.25
1976 6.50
1977 6.00
1978 6.75
1979 8.15
1980 8.43
1981 8.92
1982 9.54
1983 9.98
1984 10.24
1985 9.43
1986 9.96
1987 13.96
1988 16.62
1989 20.44
1990 25.30
1991 20.04
1992 24.76
1993 31.65
1994 20.48
1995 20.23
1996 19.84
1997 17.80
1998 18.18
1999 20.29
2000 21.27
2001 23.44
2002 24.77
2003 20.71
2004 19.18
2005 17.95
2006 16.89
2007 16.94
2008 15.14
2009 18.99
2010 17.59
2011 16.02
2012 16.79
2013 16.72
2014 16.55
2015 16.85
2016 16.87
2017 17.55
2018 16.90
2019 15.38
2020 13.64
2021 11.48

Development Relevance: Both banking and financial systems enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient. The size and mobility of international capital flows make it increasingly important to monitor the strength of financial systems. Robust financial systems can increase economic activity and welfare, but instability can disrupt financial activity and impose widespread costs on the economy.

Limitations and Exceptions: Countries use a variety of reporting formats, sample designs, interest compounding formulas, averaging methods, and data presentations for indices and other data series on interest rates. The IMF's Monetary and Financial Statistics Manual does not provide guidelines beyond the general recommendation that such data should reflect market prices and effective (rather than nominal) interest rates and should be representative of the financial assets and markets to be covered. For more information, please see http://www.imf.org/external/pubs/ft/mfs/manual/index.htm.

Statistical Concept and Methodology: Many interest rates coexist in an economy, reflecting competitive conditions, the terms governing loans and deposits, and differences in the position and status of creditors and debtors. In some economies interest rates are set by regulation or administrative fiat. In economies with imperfect markets, or where reported nominal rates are not indicative of effective rates, it may be difficult to obtain data on interest rates that reflect actual market transactions. Deposit and lending rates are collected by the International Monetary Fund (IMF) as representative interest rates offered by banks to resident customers. The terms and conditions attached to these rates differ by country, however, limiting their comparability. In 2009 the IMF began publishing a new presentation of monetary statistics for countries that report data in accordance with its Monetary Financial Statistical Manual 2000. The presentation for countries that report data in accordance with its International Financial Statistics (IFS) remains the same.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Interest rates