Forecast: Bank Lending Interest Rate in Nigeria

The bank lending interest rate in Nigeria showed a steady decline from 17.55 in 2017 to 12.31 in 2023. Year-on-year variations reveal a significant decrease, particularly from 2019 to 2021, where the rate dropped from 15.38 to 11.48. The rate fluctuated slightly in the following years, showing a small increase to 12.33 in 2022 and a minor drop to 12.31 in 2023. Forecasted data from 2024 to 2028 predict a relatively stable trend with minimal annual changes, averaging a 0.23% Compound Annual Growth Rate (CAGR) over the next five years, representing a total growth rate of 1.15%.

Future trends to watch for include potential impacts of economic policies, inflation rates, and macroeconomic stability on the lending rates. Additionally, global financial trends and foreign investment flows into Nigeria could influence the bank lending interest rate forecast, potentially leading to deviations from current projections.