Deposit Interest Rates Statistics in Nigeria (2026)
In 2023, the average deposit interest rate in Nigeria stood at 7.8%, according to World Bank World Development Indicators data. Up from 6% in 2022 to 7.8% in 2023 (+1.9 percentage points). Nigeria ranks #9 of 27 economies in Sub-Saharan Africa on this measure, and #23 of 113 globally.
Key Statistics
- Latest value (2023)
- 7.8% (2023)
- Deposit Interest Rates in Nigeria as of 2023, the most recent observation in World Bank World Development Indicators data.
- Change since 2022
- +1.9 pp (2023)
- Up from 6% in 2022 to 7.8% in 2023 (+1.9 percentage points).
- Earliest value in this dataset (1990)
- 19.8% (1990)
- Earliest observation in this dataset, which covers 1990 onward (the source series may begin earlier). Down from 19.8% in 1990 to 7.8% in 2023.
- Peak value (1993)
- 23.2% (1993)
- Highest value in the available series; the 2023 value is 7.8%.
- Rank in Sub-Saharan Africa
- #9 of 27 (2023)
- Nigeria ranks 9 of 27 countries in Sub-Saharan Africa with data, based on each country's latest value.
- Global rank
- #23 of 113 (2023)
- Nigeria ranks 23 of 113 countries with data globally.
- Sub-Saharan Africa average
- 6.3% (2023)
- Nigeria (7.8%) is above the average of 6.3% across the 27 countries in Sub-Saharan Africa with data.
- Interest rate spread (lending rate minus deposit rate, %) (2023)
- 6.2% (2023)
- Related indicator from World Bank World Development Indicators.
- Internet use in Nigeria (2024)
- 41.2% (2024)
- 41.2% of the population in Nigeria used the internet in 2024 (World Bank); shown for context only.
- Population (2024)
- 232.7 million (2024)
- Nigeria had a population of 232.7 million in 2024 (World Bank); shown for scale only.
Trend, 1990–2023
| Year | % | Change |
|---|---|---|
| 2023 | 7.8% | +1.9 pp |
| 2022 | 6% | +1.8 pp |
| 2021 | 4.2% | −0.4 pp |
| 2020 | 4.6% | −4.3 pp |
| 2019 | 8.9% | −0.8 pp |
| 2018 | 9.7% | +0.1 pp |
| 2017 | 9.6% | +2.1 pp |
| 2016 | 7.5% | −1.7 pp |
| 2015 | 9.1% | −0.2 pp |
| 2014 | 9.3% | +1.4 pp |
| 2013 | 7.9% | −0.5 pp |
| 2012 | 8.4% | +2.7 pp |
| 2011 | 5.7% | −0.8 pp |
| 2010 | 6.5% | −6.4 pp |
| 2009 | 13% | +1.1 pp |
| 2008 | 11.9% | +1.6 pp |
| 2007 | 10.3% | +0.5 pp |
| 2006 | 9.8% | −0.8 pp |
| 2005 | 10.5% | −3.2 pp |
| 2004 | 13.7% | −0.5 pp |
| 2003 | 14.2% | −2.5 pp |
| 2002 | 16.7% | +1.4 pp |
| 2001 | 15.3% | +3.6 pp |
| 2000 | 11.7% | −1.1 pp |
| 1999 | 12.8% | +2.7 pp |
| 1998 | 10.1% | +2.9 pp |
| 1997 | 7.2% | −5.9 pp |
| 1996 | 13.1% | −0.5 pp |
| 1995 | 13.5% | +0.4 pp |
| 1994 | 13.1% | −10.1 pp |
| 1993 | 23.2% | +5.2 pp |
| 1992 | 18% | +3.1 pp |
| 1991 | 14.9% | −4.9 pp |
| 1990 | 19.8% | — |
Frequently asked questions
What is the latest figure for average deposit interest rate in Nigeria?
The average deposit interest rate in Nigeria stood at 7.8% in 2023, according to World Bank World Development Indicators data.
When did deposit interest rates in Nigeria peak?
The highest value in the available series was 23.2% in 1993; the latest (2023) value is 7.8%.
How recent is the deposit interest rates data for Nigeria?
The most recent observation is from 2023. World Bank World Development Indicators data is reported with a lag, so 2023 is the latest available year for Nigeria.
Where does the deposit interest rates data for Nigeria come from?
The data comes from the World Bank World Development Indicators (indicator FR.INR.DPST). The latest observation for Nigeria is from 2023; the snapshot was retrieved on 2026-06-10.
Source & methodology
Source: World Bank, World Development Indicators, indicator
FR.INR.DPST, retrieved .
Figures are shown exactly as published in the source dataset; only the change column of the trend table is computed from adjacent published values.Read more on the methodology page. All figures are estimates and projections; this is not financial advice.
Last updated .