Nigeria Gross Savings Rate

1981 - 2021 | Yearly | % | CEIC Data

Key information about Nigeria Gross Savings Rate

  • Nigeria Gross Savings Rate was measured at 32.7% in Dec 2021, compared with 32.7% in the previous year.
  • Nigeria Gross Savings Rate is updated yearly, with data available from Dec 1981 to Dec 2021, and an average rate of 32.7%.
  • The data reached an all-time high of 32.7% in Dec 1981 and a record low of 13.1% in Dec 2016.
  • CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Gross Domestic Savings is calculated from Nominal GDP less Final Consumption Expenditure. Final Consumption Expenditure is the sum of Private and Government Consumption Expenditure. The National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
  • In the latest reports, Nigeria GDP expanded 2.2% YoY in Sep 2022.
  • Nigeria Nominal GDP reached 124,041.8 USD mn in Sep 2022. Its GDP deflator (implicit price deflator) increased 13.3% in Sep 2022.
  • Nigeria GDP Per Capita reached 2,057.0 USD in Dec 2021.

View Nigeria's Gross Savings Rate from 1981 to 2021 in the chart:

Nigeria Gross Savings Rate

What was Nigeria's Gross Savings Rate in 2021?

Nigeria Gross Savings Rate was measured at 32.7% in Dec 2021, compared with 32.7% in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
32.7 2021 27.4 2020 13.1 2016 88.4 1981 % yearly 1981 - 2021

Gross Savings Rate by Country Comparison

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Includes Gross Savings Rate on 116 economies standardised by CEIC. Instant access to full history data in excel.
country/region Last Frequency Range
Albania (%) 17.3 Sep 2022 quarterly Mar 2008 - Sep 2022
Algeria (%) 36.2 2021 yearly 2000 - 2021
Argentina (%) 11.0 Mar 2023 quarterly Mar 2004 - Mar 2023
Armenia (%) 13.7 Jun 2023 quarterly Dec 1994 - Jun 2023
Australia (%) 29.6 Dec 2022 quarterly Sep 1959 - Dec 2022
Austria (%) 27.4 Jun 2023 quarterly Mar 1995 - Jun 2023
Azerbaijan (%) 32.0 Jun 2023 quarterly Mar 2001 - Jun 2023
Bahrain (%) 34.4 2021 yearly 1989 - 2021
Bangladesh (%) 30.4 2021 yearly 2006 - 2021
Belarus (%) 24.6 Jun 2023 quarterly Mar 1992 - Jun 2023
Belgium (%) 24.2 Jun 2023 quarterly Mar 1980 - Jun 2023
Bolivia (%) 19.2 Jun 2023 quarterly Mar 1990 - Jun 2023
Bosnia and Herzegovina (%) 17.5 Jun 2023 quarterly Mar 2008 - Jun 2023
Botswana (%) 32.2 Jun 2023 quarterly Mar 1994 - Jun 2023
Brazil (%) 17.4 Jun 2023 quarterly Mar 1991 - Jun 2023
Brunei (%) 60.0 Sep 2022 quarterly Mar 2004 - Sep 2022
Bulgaria (%) 20.7 Jun 2023 quarterly Mar 1995 - Jun 2023
Cambodia (%) 27.2 2021 yearly 1993 - 2021
Canada (%) 20.0 Jun 2023 quarterly Mar 1961 - Jun 2023
Chile (%) 19.9 Jun 2023 quarterly Mar 1996 - Jun 2023
China (%) 45.9 2021 yearly 1952 - 2021
Colombia (%) 8.6 Dec 2022 quarterly Mar 2005 - Dec 2022
Croatia (%) 22.8 Jun 2023 quarterly Mar 1995 - Jun 2023
Cyprus (%) 21.1 Jun 2023 quarterly Mar 1995 - Jun 2023
Czech Republic (%) 31.3 Dec 2022 quarterly Mar 1995 - Dec 2022
Denmark (%) 33.7 Jun 2023 quarterly Mar 1990 - Jun 2023
Ecuador (%) 22.5 Jun 2023 quarterly Mar 1991 - Jun 2023
Egypt (%) 6.7 2017 yearly 1990 - 2017
Estonia (%) 29.7 Dec 2022 quarterly Mar 1993 - Dec 2022
European Union (%) 26.7 Jun 2023 quarterly Mar 1995 - Jun 2023
Finland (%) 21.9 Jun 2023 quarterly Mar 1990 - Jun 2023
France (%) 14.2 Dec 2017 quarterly Mar 1949 - Dec 2017
Georgia (%) 20.9 Jun 2023 quarterly Mar 1996 - Jun 2023
Germany (%) 29.6 Mar 2023 quarterly Mar 1991 - Mar 2023
Ghana (%) 15.4 2022 yearly 2006 - 2022
Greece (%) 8.1 Dec 2022 quarterly Mar 1995 - Dec 2022
Hong Kong SAR, China (%) 19.4 Jun 2023 quarterly Mar 1999 - Jun 2023
Hungary (%) 28.0 Jun 2023 quarterly Mar 1995 - Jun 2023
Iceland (%) 20.6 Jun 2023 quarterly Mar 1995 - Jun 2023
India (%) 30.2 2022 yearly 1951 - 2022
Indonesia (%) 39.0 Sep 2023 quarterly Mar 2010 - Sep 2023
Iran (%) 29.9 Mar 2023 quarterly Jun 1988 - Mar 2023
Ireland (%) 62.1 Jun 2023 quarterly Mar 1995 - Jun 2023
Israel (%) 30.2 Jun 2023 quarterly Mar 1995 - Jun 2023
Italy (%) 20.8 Jun 2023 quarterly Mar 1995 - Jun 2023
Ivory Coast (%) 22.2 2022 yearly 1960 - 2022
Japan (%) 28.8 Mar 2022 quarterly Mar 1980 - Mar 2022
Jordan (%) -3.9 2022 yearly 1963 - 2022
Kazakhstan (%) 44.9 Sep 2022 quarterly Mar 1994 - Sep 2022
Kenya (%) 12.1 2022 yearly 2006 - 2022
South Korea (%) 34.0 Dec 2022 quarterly Mar 1970 - Dec 2022
Kosovo (%) -3.4 Jun 2023 quarterly Mar 2010 - Jun 2023
Kuwait (%) 31.1 2019 yearly 1970 - 2019
Kyrgyzstan (%) -4.1 Dec 2022 quarterly Mar 2000 - Dec 2022
Laos (%) 18.4 2016 yearly 2000 - 2016
Latvia (%) 20.1 Jun 2023 quarterly Mar 1995 - Jun 2023
Lebanon (%) -21.7 2020 yearly 1990 - 2020
Lithuania (%) 19.4 Jun 2023 quarterly Mar 1995 - Jun 2023
Luxembourg (%) 52.5 Sep 2022 quarterly Mar 1995 - Sep 2022
Macau SAR, China (%) 16.6 Dec 2022 quarterly Mar 2001 - Dec 2022
North Macedonia (%) 9.6 Jun 2023 quarterly Mar 2000 - Jun 2023
Malawi (%) 11.2 2019 yearly 1977 - 2019
Malaysia (%) 26.9 Dec 2022 quarterly Mar 2010 - Dec 2022
Malta (%) 39.4 Jun 2023 quarterly Mar 1992 - Jun 2023
Mauritius (%) 20.6 Jun 2023 quarterly Mar 1999 - Jun 2023
Mexico (%) 18.5 Jun 2023 quarterly Mar 1993 - Jun 2023
Moldova (%) -1.3 Jun 2023 quarterly Mar 1995 - Jun 2023
Mongolia (%) 35.8 Dec 2022 quarterly Mar 2005 - Dec 2022
Montenegro (%) 8.8 Jun 2023 quarterly Mar 2010 - Jun 2023
Morocco (%) 27.2 2022 yearly 1975 - 2022
Mozambique (%) 8.1 2022 yearly 1969 - 2022
Myanmar (%) 28.7 2018 yearly 1996 - 2018
Nepal (%) 31.4 2023 yearly 2001 - 2023
Netherlands (%) 31.2 Jun 2023 quarterly Mar 1995 - Jun 2023
New Zealand (%) 20.3 Sep 2022 quarterly Jun 1987 - Sep 2022
Nigeria (%) 32.7 2021 yearly 1981 - 2021
Norway (%) 35.9 Jun 2023 quarterly Mar 1978 - Jun 2023
Oman (%) 18.8 2021 yearly 1980 - 2021
Pakistan (%) 6.0 2023 yearly 2000 - 2023
Palestinian Territory (%) 9.0 Mar 2023 quarterly Mar 2011 - Mar 2023
Panama (%) 35.8 2021 yearly 1960 - 2021
Paraguay (%) 21.3 Jun 2023 quarterly Mar 1994 - Jun 2023
Peru (%) 19.8 Jun 2023 quarterly Mar 1990 - Jun 2023
Philippines (%) 10.8 Dec 2022 quarterly Mar 1981 - Dec 2022
Poland (%) 23.3 Jun 2023 quarterly Mar 1995 - Jun 2023
Portugal (%) 21.7 Jun 2023 quarterly Mar 1999 - Jun 2023
Qatar (%) 66.4 Dec 2022 quarterly Mar 2013 - Dec 2022
Romania (%) 20.8 Jun 2023 quarterly Mar 1995 - Jun 2023
Russia (%) 31.9 Sep 2022 quarterly Mar 1993 - Sep 2022
Saudi Arabia (%) 38.1 Jun 2023 quarterly Mar 2003 - Jun 2023
Serbia (%) 14.5 Jun 2023 quarterly Mar 1995 - Jun 2023
Singapore (%) 49.2 2022 yearly 1960 - 2022
Slovakia (%) 18.6 Jun 2023 quarterly Mar 1995 - Jun 2023
Slovenia (%) 28.2 Jun 2023 quarterly Mar 1995 - Jun 2023
South Africa (%) 14.8 Jun 2023 quarterly Mar 1960 - Jun 2023
Spain (%) 22.7 Jun 2023 quarterly Mar 1999 - Jun 2023
Sri Lanka (%) 26.1 Sep 2022 quarterly Mar 2010 - Sep 2022
Sudan (%) 13.7 2014 yearly 1960 - 2014
Sweden (%) 30.6 Jun 2023 quarterly Mar 1980 - Jun 2023
Switzerland (%) 33.4 Jun 2023 quarterly Mar 1990 - Jun 2023

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Nigeria Key Series

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Includes 200 key indicators for Nigeria, curated by CEIC analysts. Instant access to full history data in excel.
Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -4.5 Jun 2023 quarterly Dec 2010 - Jun 2023
Consolidated Fiscal Balance (USD mn) -3,119.933 Mar 2023 quarterly Mar 2005 - Mar 2023
National Government Debt (USD mn) 105,874.7 Jun 2023 quarterly Dec 2006 - Jun 2023
Government Debt: % of GDP (%) 38.4 Jun 2023 quarterly Dec 2010 - Jun 2023
Forecast: Government Expenditure (NGN bn) 69,308.370 2028 yearly 1990 - 2028
Forecast: Government Net Debt (NGN bn) 205,772.042 2028 yearly 1990 - 2028
Forecast: Government Revenue (NGN bn) 42,354.643 2028 yearly 1990 - 2028
Federal Govt Expenditure: Capital (NGN bn) 270.710 Mar 2023 quarterly Mar 2005 - Mar 2023
Federal Govt Balance (NGN bn) -1,430.830 Mar 2023 quarterly Mar 2005 - Mar 2023
Gross Federation Account Revenue (NGN bn) 3,417.450 Jun 2023 quarterly Mar 2005 - Jun 2023
Federal Govt Expenditure: Recurrent (NGN bn) 2,345.670 Mar 2023 quarterly Mar 2005 - Mar 2023
Gross Federation Account Revenue: Oil (NGN bn) 809.020 Jun 2023 quarterly Mar 2005 - Jun 2023
Federal Govt Revenue (NGN bn) 1,733.060 Jun 2023 quarterly Mar 2005 - Jun 2023
Federal Govt Expenditure (NGN bn) 4,511.090 Jun 2023 quarterly Mar 2005 - Jun 2023
Government Debt: Domestic (NGN bn) 21,551.925 Sep 2022 quarterly Dec 2005 - Sep 2022
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) -1.879 2028 yearly 1991 - 2028
Trade Balance (USD mn) 2,864.8 Jun 2023 monthly Jan 2003 - Jun 2023
Total Exports (USD mn) 4,980.1 Jun 2023 monthly Jan 2003 - Jun 2023
Total Exports Growth (%) 20.8 Jun 2023 monthly Jan 2004 - Jun 2023
Aluminum: Exports (USD th) 165,096.506 2022 yearly 1995 - 2022
Exports: Medicament (USD th) 2,876.353 2022 yearly 1995 - 2022
Exports: Medicinal and Pharmaceutical Product (USD th) 480.530 2022 yearly 1995 - 2022
Total Imports (USD mn) 2,989.3 Mar 2023 monthly Jan 2003 - Mar 2023
Total Imports Growth (%) -51.0 Jun 2023 monthly Jan 2004 - Jun 2023
Imports: Medicament (USD th) 755,360.705 2022 yearly 1995 - 2022
Imports: Medicinal and Pharmaceutical Product (USD th) 508,406.689 2022 yearly 1995 - 2022
Total Exports to USA (USD mn) 572.559 Jun 2023 monthly Jan 2003 - Jun 2023
Total Imports from USA (USD mn) 152.825 Jun 2023 monthly Dec 2009 - Jun 2023
Total Exports to China (USD mn) 95.340 Jun 2023 monthly Jan 2007 - Jun 2023
Total Imports from China (USD mn) 789.577 Jun 2023 monthly Jan 2007 - Jun 2023
Imports (NGN mn) 1,285,540.268 Jun 2023 monthly Jan 2003 - Jun 2023
Exports: Crude Oil (NGN mn) 2,414,082.844 Jun 2023 monthly Jan 2003 - Jun 2023
Total Trade (NGN mn) 4,312,166.584 Jun 2023 monthly Jan 2003 - Jun 2023
Exports: Europe: ow Netherlands (NGN mn) 211,211.147 Jun 2023 monthly Jan 2003 - Jun 2023
Exports: America: ow USA (NGN mn) 347,972.110 Jun 2023 monthly Jan 2003 - Jun 2023
Exports (NGN mn) 3,026,626.316 Jun 2023 monthly Jan 2003 - Jun 2023
Exports: Europe: ow UK (NGN mn) 261,128.427 Jun 2023 monthly Jan 2003 - Jun 2023
Exports: Mineral Products (NGN mn) 24,389,951.388 2022 yearly 2003 - 2022
Exports: Vegetable Products (NGN mn) 316,546.604 2022 yearly 2003 - 2022
Imports: Europe: ow Germany (NGN mn) 28,945.326 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Europe: ow Netherlands (NGN mn) 65,817.881 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Asia: ow China (NGN mn) 479,864.758 Jun 2023 monthly Jan 2007 - Jun 2023
Imports: America: ow USA (NGN mn) 92,879.196 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Europe: ow UK (NGN mn) 22,052.326 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Chemicals and Chemical Products (NGN mn) 209,078.730 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Mineral Fuels, Lubricants and Related Materials (NGN mn) 103,084.916 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Manufactured Goods (NGN mn) 154,179.230 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Food and Live Animals (NGN mn) 260,951.755 Jun 2023 monthly Jan 2003 - Jun 2023
Imports: Machinery and Transport Equipment (NGN mn) 456,731.551 Jun 2023 monthly Jan 2003 - Jun 2023
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 274.7 Dec 2022 quarterly Mar 2008 - Dec 2022
Current Account Balance (USD mn) 2,348.3 Dec 2022 quarterly Mar 2008 - Dec 2022
Current Account Balance: % of GDP (%) 1.8 Dec 2022 quarterly Mar 2008 - Dec 2022
Foreign Direct Investment (USD mn) 752.7 Dec 2022 quarterly Mar 2008 - Dec 2022
Foreign Direct Investment: % of GDP (%) 0.6 Dec 2022 quarterly Mar 2010 - Dec 2022
Foreign Portfolio Investment (USD mn) 337.399 Dec 2022 quarterly Mar 2008 - Dec 2022
Foreign Portfolio Investment: % of GDP (%) 0.3 Dec 2022 quarterly Mar 2010 - Dec 2022
Foreign Portfolio Investment: Equity Securities (USD mn) -2.3 Dec 2022 quarterly Mar 2008 - Dec 2022
Foreign Portfolio Investment: Debt Securities (USD mn) 339.714 Dec 2022 quarterly Mar 2008 - Dec 2022
External Debt (USD mn) 43,159.2 Jun 2023 quarterly Dec 2006 - Jun 2023
External Debt: % of GDP (%) 8.9 2022 yearly 1985 - 2022
External Debt: Short Term (USD mn) 1,005.6 2020 yearly 2008 - 2020
External Debt: Short Term: % of GDP (%) 0.2 2020 yearly 2008 - 2020
Forecast: Current Account Balance (USD bn) -1.502 2028 yearly 1980 - 2028
Net International Investment Position (USD mn) -77,562.105 2022 yearly 2005 - 2022
BoP: CF: Capital Account (USD mn) 0.000 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CA: Current Transfers (USD mn) 5,442.967 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CF: Financial Account: Liabilities: Portfolio Investment (USD mn) 1,000.946 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CF: Financial Account: Assets: Portfolio Investment (USD mn) -182.419 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CF: Financial Account: Assets: Reserves Assets (USD mn) 1,437.945 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CF: Financial Account: Assets: Direct Investment (USD mn) 94.452 Sep 2022 quarterly Mar 2008 - Sep 2022
BoP: CF: Financial Account: Assets: Other Investment (USD mn) -1,699.632 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Goods (USD mn) 2,798.047 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Income (USD mn) -2,264.294 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CF: Financial Account: Assets (USD mn) -1,085.664 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Goods: Debit (USD mn) -11,787.111 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Current Transfers: Credit (USD mn) 5,452.430 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Income: Debit (USD mn) -2,775.122 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Services: Debit (USD mn) -4,428.113 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: Net Errors & Omission (USD mn) -3,201.073 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CF: Financial Account: Liabilities: Other Investment (USD mn) 848.311 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Services: Credit (USD mn) 1,295.268 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Current Transfers: Debit (USD mn) -505.024 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Services (USD mn) -3,132.845 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Goods: Credit (USD mn) 14,585.159 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CF: Financial Account (USD mn) 852.759 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CA: Income: Credit (USD mn) 510.828 Dec 2022 quarterly Mar 2008 - Dec 2022
BoP: CF: Financial Account: Liabilities (USD mn) 1,938.423 Dec 2022 quarterly Mar 2008 - Dec 2022
External Debt: Service Payments (USD mn) 194.440 Dec 2018 quarterly Mar 2008 - Dec 2018
External Debt: Government (USD mn) 43,159.190 Jun 2023 quarterly Dec 2006 - Jun 2023
External Debt: Government: International Capital Market (USD mn) 15,618.350 Jun 2023 quarterly Mar 2011 - Jun 2023
Capital Inflow: Foreign Direct Investment (USD) 20,080,525.860 Nov 2022 monthly Jan 2007 - Nov 2022
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 6.1 2019 yearly 2003 - 2019
Non-Performing Loans (USD mn) 3,315.011 Mar 2021 quarterly Mar 2007 - Mar 2021
Money Supply M1 (USD mn) 32,984.407 Sep 2023 monthly Nov 1992 - Sep 2023
Money Supply M2 (USD mn) 86,392.467 Sep 2023 monthly Nov 1992 - Sep 2023
M2 Growth (%) 34.6 Sep 2023 monthly Nov 1993 - Sep 2023
Reserve Requirement Ratio (%) 32.5 Oct 2023 monthly Nov 2005 - Oct 2023
Foreign Exchange Reserves (USD mn) 34,390.0 May 2023 monthly Jan 1960 - May 2023
Foreign Exchange Reserves: % of GDP (%) 7.433 Mar 2023 quarterly Dec 2010 - Mar 2023
Foreign Exchange Reserves: Months of Import (NA) 15.9 Jun 2023 monthly Jan 2003 - Jun 2023
Gold Reserves (USD mn) 1,320.221 Jun 2023 monthly Dec 1950 - Jun 2023
Total Deposits (USD mn) 84,213.801 Dec 2019 monthly Nov 1992 - Dec 2019
Total Deposits Growth (%) 2.6 Dec 2019 monthly Nov 1993 - Dec 2019
Domestic Credit (USD mn) 120,607.0 Sep 2023 monthly Nov 1992 - Sep 2023
Domestic Credit Growth (%) 46.4 Sep 2023 monthly Nov 1993 - Sep 2023
Private Debt: % of Nominal GDP (%) 12.94 Dec 2022 quarterly Dec 2010 - Dec 2022
Monetary Survey: Liabilities: Base Money (NGN mn) 19,506,555.340 Sep 2023 monthly Jan 1993 - Sep 2023
Monetary Survey: Liabilities: M2: Quasi Money (NGN mn) 41,057,980.140 Sep 2023 monthly Nov 1992 - Sep 2023
Monetary Survey: Liabilities: M2: M1 (NGN mn) 25,357,092.620 Sep 2023 monthly Nov 1992 - Sep 2023
Monetary Survey: Liabilities: M2 (NGN mn) 66,415,072.760 Sep 2023 monthly Nov 1992 - Sep 2023
Monetary Survey: Liabilities: M3 (NGN mn) 35,345,802.020 Jun 2020 monthly Nov 1992 - Jun 2020
Non Performing Loans to Gross Loans (%) 4.210 Dec 2022 semiannually Dec 2003 - Dec 2022
Business and Economic Survey Last Frequency Range
Business Confidence Growth (% Point) 7.0 May 2023 monthly Jul 2015 - May 2023

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