Forecast: Number of Depositors at Commercial Banks in Nigeria

In 2023, the number of depositors at commercial banks in Nigeria stood at 1,740 persons per thousand. Analysis of the data shows a consistent upward trend from 2013 to 2023, with notable increases in recent years, particularly from 2016 onwards. Year-on-year variations highlight substantial growth spikes in 2016 (21.94%) and 2020 (16.2%), while the five-year CAGR up until 2023 is 11.42%, indicating robust annual growth in this period.

Trend Analysis:

- 2013-2015: Modest growth, averaging around 1.18% per year.

- 2016-2020: Higher annual growth levels, peaking at 21.94% and 16.2%, brought yearly averages up significantly.

- 2021-2023: Steady increases, with year-on-year variations around 9-11%.

- Future Forecast (2024-2028): Growth expected to moderate slightly, with a forecasted CAGR of 5.35% and total growth of 29.75% over the period.

Future trends to watch for:

- Impact of fintech and digital banking improvements which could further boost depositor growth.

- Economic policies and stability in Nigeria influencing depositor confidence.

- Regional banking penetration and financial inclusion initiatives.

- Technological advancements and increased internet/mobile banking usage.