Nigeria: Interest rates on bank credit to the private sector
For that indicator, we provide data for Nigeria from 1970 to 2019. The average value for Nigeria during that period was 15.34 percent with a minimum of 6 percent in 1977 and a maximum of 31.65 percent in 1993.
The latest value from 2019 is 15.37 percent. For comparison, the world average in 2019 based on 82
countries is 10.99 percent.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
The lending interest rate in Nigeria shown below is the interest rate on credits from banks to prime borrowers, i.e. to the lowest risk borrowers in the private sector. That includes firms and households.
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.