Nigeria Lending Rate
Average bank lending rate to the private sector.
Lending Rate in Nigeria increased to 18.45 percent in 2025 from 16.29 percent in 2024.
Nigeria Lending Rate — History
Drag or pinch to zoom.
Nigeria Lending Rate — analysis in simple words
Latest reading
Lending Rate in Nigeria increased to 18.45 percent in 2025 from 16.29 percent in 2024.
It has risen in each of the last three years.
Recent trend
A year earlier (2024) it was 16.29%, so the latest figure is 2.16 percentage points higher.
Over the past five years the average was 14.51%, with a range from 11.48% to 18.45%. The latest value is above that five-year average.
Historical context
This data series starts in 1970 and has 56 annual observations. The latest reading is higher than 71% of all of them.
The highest value on record is 31.65% (1993) and the lowest is 6.00% (1977). The long-run average is 15.24%.
Compared with other countries
Among 119 economies with recent data, Nigeria ranks 16th from the top. The median across all these economies is 8.67%, so Nigeria is above the typical country.
Within Sub-Saharan Africa (28 economies with data) it ranks 8th; the regional median is 13.64%.
Statistics
- Latest
- 18.45%2025
- Previous
- 16.29%
- 5-year average
- 14.51%
- Long-run average
- 15.24%since 1970
- All-time high
- 31.65%1993
- All-time low
- 6.00%1977
- Observations
- 56Annual
Recent Data
| Period | Value | Change |
|---|---|---|
| 2025 | 18.45% | ▲ +2.16 pp |
| 2024 | 16.29% | ▲ +2.28 pp |
| 2023 | 14.01% | ▲ +1.68 pp |
| 2022 | 12.33% | ▲ +0.85 pp |
| 2021 | 11.48% | ▼ −2.16 pp |
| 2020 | 13.64% | ▼ −1.73 pp |
| 2019 | 15.38% | ▼ −1.53 pp |
| 2018 | 16.90% | ▼ −0.65 pp |
| 2017 | 17.55% | ▲ +0.69 pp |
| 2016 | 16.87% | ▲ +0.02 pp |
| 2015 | 16.85% | ▲ +0.30 pp |
| 2014 | 16.55% | ▼ −0.17 pp |
| 2013 | 16.72% | ▼ −0.07 pp |
| 2012 | 16.79% | ▲ +0.77 pp |
| 2011 | 16.02% | ▼ −1.57 pp |
| 2010 | 17.59% | ▼ −1.41 pp |
| 2009 | 18.99% | ▲ +3.86 pp |
| 2008 | 15.14% | ▼ −1.80 pp |
| 2007 | 16.94% | ▲ +0.05 pp |
| 2006 | 16.89% | ▼ −1.06 pp |
| 2005 | 17.95% | ▼ −1.23 pp |
| 2004 | 19.18% | ▼ −1.53 pp |
| 2003 | 20.71% | ▼ −4.06 pp |
| 2002 | 24.77% | ▲ +1.33 pp |
| 2001 | 23.44% | ▲ +2.16 pp |
| 2000 | 21.27% | ▲ +0.98 pp |
| 1999 | 20.29% | ▲ +2.11 pp |
| 1998 | 18.18% | ▲ +0.39 pp |
| 1997 | 17.80% | ▼ −2.04 pp |
| 1996 | 19.84% |
Lending Rate — Nigeria vs Peers
Latest available reading for each economy (periods may differ). Nigeria highlighted.
More Nigeria indicators
Understanding Lending Rate — a simple guide
What it measures
The average rate banks charge on loans to the private sector.
How it is calculated
Average rate charged by banks on new loans to businesses and households.
A 9% lending rate means a ₹1 lakh loan costs about ₹9,000 a year in interest.
Higher rates make borrowing more expensive.
Lower rates make credit cheaper.
Why it matters for the economy and markets
Lending rates determine the cost of credit for businesses and households.
How to read it
The gap between lending and deposit rates (the spread) reflects banking-sector costs and risk.
Data source
World Bank — World Development Indicators (series FR.INR.LEND), annual data from 1970 to 2025. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current lending rate of Nigeria?
What is the highest and lowest lending rate of Nigeria?
What does lending rate measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.