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Financial Sector Overview

Nigeria is a federal republic in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the southeast, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.

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At a Glance

Population in thousands (2017): 190,886.31
GDP per capita (current US$) 2017 - World Average 10,721.61: 1,968.43
Account (%) age 15+) - (2014 vs 2017): 44% | 40%
Agriculture Orientation Index - Credit ( Agriculture, Forestry and Fisheries share of GDP) (2015 vs 2016): 0.17 | 0.16
Financial Inclusion Strategies: National Financial Inclusion Strategy 2018-2020 (Revised) Oct 2018
Domestic credit provided by financial sector (% of GDP) 2017: 23.28
Made or received digital payments in the past year (% age 15+) (2014 vs 2017): 37% | 30%
Remittances % of GDP for 2017: 0.044
Mortgage Interest Rate / Mortgage Term (years): 19.50% | 20

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Latest News & Events

Jul 16, 2019 | Daily Trust; All Africa
The Central Bank of Nigeria (CBN) has disclosed that Deposit Money Banks (DMBs) will no longer require a separate license

Latest Publications

May 11, 2019 | G. Murthy, M. Fernandez-Vidal | CGAP
May 11, 2019 | G. Murthy, M. Fernandez-Vidal, X. Faz et al. | CGAP
Apr 01, 2019 | J. Anderson, R. Karuppusamy, P. Enrico et al. | CGAP
Feb 28, 2019 | C. Hougaard, A. van der Linden, B. Msulwa et al. | DFID, FSD Africa, Cenfri
Nov 30, 2018 | R.H. Mynhardt, J. Marx | Journal of Economic and Financial Sciences
Oct 31, 2018 | Central Bank of Nigeria (CBN) | CBN