Nigeria Gross Savings Rate

1981 - 2023 | Yearly | % | CEIC Data

Key information about Nigeria Gross Savings Rate

  • Nigeria Gross Savings Rate was measured at 34.6% in Dec 2023, compared with 34.6% in the previous year.
  • Nigeria Gross Savings Rate is updated yearly, with data available from Dec 1981 to Dec 2023, and an average rate of 34.6%.
  • The data reached an all-time high of 34.6% 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 2.3% YoY in Mar 2023.
  • Nigeria Nominal GDP reached 111,302.5 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 10.5% in Mar 2023.
  • Nigeria GDP Per Capita reached 2,057.0 USD in Dec 2021.

View Nigeria's Gross Savings Rate from 1981 to 2023 in the chart:

Nigeria Gross Savings Rate

What was Nigeria's Gross Savings Rate in 2023?

Nigeria Gross Savings Rate was measured at 34.6% in Dec 2023, compared with 34.6% in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
34.6 2023 30.6 2022 13.1 2016 88.4 1981 % yearly 1981 - 2023

Gross Savings Rate by Country Comparison

country/region Last Frequency Range
Albania (%) 17.3 Sep 2022 quarterly Mar 2008 - Sep 2022
Algeria (%) 36.1 2021 yearly 2000 - 2021
Argentina (%) 11.0 Mar 2023 quarterly Mar 2004 - Mar 2023
Armenia (%) 15.6 Jun 2024 quarterly Dec 1994 - Jun 2024
Australia (%) 29.6 Dec 2022 quarterly Sep 1959 - Dec 2022
Austria (%) 26.7 Jun 2024 quarterly Mar 1995 - Jun 2024
Azerbaijan (%) 30.6 Mar 2024 quarterly Mar 2001 - Mar 2024
Bahrain (%) 38.6 2022 yearly 1989 - 2022
Bangladesh (%) 30.4 2021 yearly 2006 - 2021
Belarus (%) 23.6 Mar 2024 quarterly Mar 1992 - Mar 2024
Belgium (%) 25.8 Mar 2024 quarterly Mar 1980 - Mar 2024
Bolivia (%) 13.1 Mar 2024 quarterly Mar 1990 - Mar 2024
Bosnia and Herzegovina (%) 5.9 Mar 2024 quarterly Mar 2008 - Mar 2024
Botswana (%) 26.7 Jun 2024 quarterly Mar 1994 - Jun 2024
Brazil (%) 16.4 Jun 2024 quarterly Mar 1991 - Jun 2024
Brunei (%) 60.0 Sep 2022 quarterly Mar 2004 - Sep 2022
Bulgaria (%) 21.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Cambodia (%) 34.1 2022 yearly 1993 - 2022
Canada (%) 20.7 Jun 2024 quarterly Mar 1961 - Jun 2024
Chile (%) 20.2 Jun 2024 quarterly Mar 1996 - Jun 2024
China (%) 44.3 2023 yearly 1952 - 2023
Colombia (%) 8.6 Dec 2022 quarterly Mar 2005 - Dec 2022
Croatia (%) 18.3 Jun 2024 quarterly Mar 1995 - Jun 2024
Cyprus (%) 20.6 Mar 2024 quarterly Mar 1995 - Mar 2024
Czech Republic (%) 33.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Denmark (%) 32.8 Jun 2024 quarterly Mar 1990 - Jun 2024
Ecuador (%) 22.2 Mar 2024 quarterly Mar 1991 - Mar 2024
Egypt (%) 7.8 2023 yearly 1969 - 2023
Estonia (%) 29.7 Dec 2022 quarterly Mar 1993 - Dec 2022
European Union (%) 25.7 Jun 2024 quarterly Mar 1995 - Jun 2024
Finland (%) 21.1 Jun 2024 quarterly Mar 1990 - Jun 2024
France (%) 14.2 Dec 2017 quarterly Mar 1949 - Dec 2017
Georgia (%) 14.9 Mar 2024 quarterly Mar 1996 - Mar 2024
Germany (%) 29.6 Mar 2023 quarterly Mar 1991 - Mar 2023
Ghana (%) 9.9 2023 yearly 2006 - 2023
Greece (%) 10.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Hong Kong SAR, China (%) 24.0 Jun 2024 quarterly Mar 1999 - Jun 2024
Hungary (%) 30.0 Jun 2024 quarterly Mar 1995 - Jun 2024
Iceland (%) 23.1 Jun 2024 quarterly Mar 1995 - Jun 2024
India (%) 30.2 2023 yearly 1951 - 2023
Indonesia (%) 36.8 Jun 2024 quarterly Mar 2010 - Jun 2024
Iran (%) 26.4 Mar 2024 quarterly Jun 1988 - Mar 2024
Ireland (%) 56.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Israel (%) 25.0 Jun 2024 quarterly Mar 1995 - Jun 2024
Italy (%) 23.4 Jun 2024 quarterly Mar 1995 - Jun 2024
Ivory Coast (%) 23.9 2023 yearly 1960 - 2023
Japan (%) 28.8 Mar 2022 quarterly Mar 1980 - Mar 2022
Jordan (%) 2.9 2023 yearly 1963 - 2023
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 (%) -3.8 Jun 2024 quarterly Mar 2010 - Jun 2024
Kuwait (%) 44.9 2022 yearly 1970 - 2022
Kyrgyzstan (%) -4.1 Dec 2022 quarterly Mar 2000 - Dec 2022
Laos (%) 18.4 2016 yearly 2000 - 2016
Latvia (%) 19.6 Jun 2024 quarterly Mar 1995 - Jun 2024
Lebanon (%) -25.5 2021 yearly 1990 - 2021
Lithuania (%) 19.3 Mar 2024 quarterly Mar 1995 - Mar 2024
Luxembourg (%) 52.5 Sep 2022 quarterly Mar 1995 - Sep 2022
Macau SAR, China (%) 16.6 Dec 2022 quarterly Mar 2001 - Dec 2022
North Macedonia (%) 7.4 Jun 2024 quarterly Mar 2000 - Jun 2024
Malawi (%) 11.2 2019 yearly 1977 - 2019
Malaysia (%) 26.9 Dec 2022 quarterly Mar 2010 - Dec 2022
Malta (%) 39.3 Jun 2024 quarterly Mar 1992 - Jun 2024
Mauritius (%) 21.9 Mar 2024 quarterly Mar 1999 - Mar 2024
Mexico (%) 18.7 Jun 2024 quarterly Mar 1993 - Jun 2024
Moldova (%) -6.3 Mar 2024 quarterly Mar 1995 - Mar 2024
Mongolia (%) 35.8 Dec 2022 quarterly Mar 2005 - Dec 2022
Montenegro (%) 6.1 Jun 2024 quarterly Mar 2010 - Jun 2024
Morocco (%) 28.6 2023 yearly 1975 - 2023
Mozambique (%) 4.8 2023 yearly 1969 - 2022
Myanmar (%) 28.7 2018 yearly 1996 - 2018
Nepal (%) 35.6 2024 yearly 2001 - 2024
Netherlands (%) 30.0 Jun 2024 quarterly Mar 1995 - Jun 2024
New Zealand (%) 20.3 Sep 2022 quarterly Jun 1987 - Sep 2022
Nigeria (%) 34.6 2023 yearly 1981 - 2023
Norway (%) 37.2 Jun 2024 quarterly Mar 1978 - Jun 2024
Oman (%) 34.7 2022 yearly 1980 - 2022
Pakistan (%) 6.8 2024 yearly 2000 - 2024
Palestinian Territory (%) -2.8 Mar 2024 quarterly Mar 2011 - Mar 2024
Panama (%) 35.8 2021 yearly 1960 - 2021
Paraguay (%) 20.9 Jun 2024 quarterly Mar 1994 - Jun 2024
Peru (%) 21.5 Jun 2024 quarterly Mar 1990 - Jun 2024
Philippines (%) 10.8 Dec 2022 quarterly Mar 1981 - Dec 2022
Poland (%) 19.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Portugal (%) 21.0 Mar 2024 quarterly Mar 1999 - Mar 2024
Qatar (%) 66.3 Dec 2022 quarterly Mar 2013 - Dec 2022
Romania (%) 16.9 Jun 2024 quarterly Mar 1995 - Jun 2024
Russia (%) 28.1 Mar 2024 quarterly Mar 1993 - Mar 2024
Saudi Arabia (%) 36.1 Jun 2024 quarterly Mar 2003 - Jun 2024
Serbia (%) 14.2 Jun 2024 quarterly Mar 1995 - Jun 2024
Singapore (%) 48.6 2023 yearly 1960 - 2023
Slovakia (%) 18.7 Jun 2024 quarterly Mar 1995 - Jun 2024
Slovenia (%) 28.1 Mar 2024 quarterly Mar 1995 - Mar 2024
South Africa (%) 14.1 Jun 2024 quarterly Mar 1960 - Jun 2024
Spain (%) 22.7 Mar 2024 quarterly Mar 1999 - Mar 2024
Sri Lanka (%) 26.1 Sep 2022 quarterly Mar 2010 - Sep 2022
Sudan (%) 13.7 2014 yearly 1960 - 2014
Sweden (%) 29.3 Jun 2024 quarterly Mar 1980 - Jun 2024
Switzerland (%) 34.3 Jun 2024 quarterly Mar 1990 - Jun 2024

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Nigeria Key Series

Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -4.4 Mar 2024 quarterly Dec 2010 - Mar 2024
Consolidated Fiscal Balance (USD mn) -1,701.594 Mar 2024 quarterly Mar 2005 - Mar 2024
National Government Debt (USD mn) 101,710.7 Dec 2023 quarterly Dec 2006 - Dec 2023
Government Debt: % of GDP (%) 49.5 Mar 2024 quarterly Dec 2010 - Mar 2024
Forecast: Government Expenditure (NGN bn) 99,387.936 2029 yearly 1990 - 2029
Forecast: Government Net Debt (NGN bn) 205,772.040 2028 yearly 1990 - 2028
Forecast: Government Revenue (NGN bn) 74,924.965 2029 yearly 1990 - 2029
Federal Govt Expenditure: Capital (NGN bn) 235.110 Mar 2024 quarterly Mar 2005 - Mar 2024
Federal Govt Balance (NGN bn) -2,245.790 Mar 2024 quarterly Mar 2005 - Mar 2024
Gross Federation Account Revenue (NGN bn) 4,876.700 Mar 2024 quarterly Mar 2005 - Mar 2024
Federal Govt Expenditure: Recurrent (NGN bn) 3,111.800 Mar 2024 quarterly Mar 2005 - Mar 2024
Gross Federation Account Revenue: Oil (NGN bn) 1,530.910 Mar 2024 quarterly Mar 2005 - Mar 2024
Federal Govt Revenue (NGN bn) 1,445.670 Mar 2024 quarterly Mar 2005 - Mar 2024
Federal Govt Expenditure (NGN bn) 3,691.460 Mar 2024 quarterly Mar 2005 - Mar 2024
Government Debt: Domestic (NGN bn) 53,258.012 Dec 2023 quarterly Dec 2005 - Dec 2023
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) -1.879 2028 yearly 1991 - 2028
Trade Balance (USD mn) 2,786.0 Jun 2024 monthly Jan 2003 - Jun 2024
Total Exports (USD mn) 4,913.5 Jun 2024 monthly Jan 2003 - Jun 2024
Total Exports Growth (%) 163.7 Jun 2024 monthly Jan 2004 - Jun 2024
Aluminum: Exports (USD th) 209,774.903 2023 yearly 1995 - 2023
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 (%) 83.0 Jun 2024 monthly Jan 2004 - Jun 2024
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) 658.371 Jun 2024 monthly Jan 2003 - Jun 2024
Total Imports from USA (USD mn) 177.707 Jun 2024 monthly Dec 2009 - Jun 2024
Total Exports to China (USD mn) 160.464 Jun 2024 monthly Jan 2007 - Jun 2024
Total Imports from China (USD mn) 737.510 Jun 2024 monthly Jan 2007 - Jun 2024
Exports: Crude Oil (NGN mn) 5,457,219.231 Jun 2024 monthly Jan 2003 - Jun 2024
Total Trade (NGN mn) 10,433,069.822 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Growth Rate: MoM (%) -35.341 Jun 2024 monthly Jan 2019 - Jun 2024
Exports: Growth Rate: MoM (%) 10.446 Jun 2024 monthly Jan 2019 - Jun 2024
Exports: America: ow USA (NGN mn) 975,552.174 Jun 2024 monthly Jan 2003 - Jun 2024
Exports: Europe: ow Netherlands (NGN mn) 434,520.151 Jun 2024 monthly Jan 2003 - Jun 2024
Exports (NGN mn) 7,280,672.000 Jun 2024 monthly Jan 2003 - Jun 2024
Exports: Europe: ow UK (NGN mn) 4,761.874 Jun 2024 monthly Jan 2003 - Jun 2024
Exports: Mineral Products (NGN mn) 33,075,147.443 2023 yearly 2003 - 2023
Exports: Vegetable Products (NGN mn) 786,963.687 2023 yearly 2003 - 2023
Exports: Plastic and Articles Thereof, Rubber and Articles Thereof (NGN mn) 53,170.162 2023 yearly 2003 - 2023
Imports: Europe: ow Netherlands (NGN mn) 89,695.701 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Asia: ow China (NGN mn) 1,092,816.851 Jun 2024 monthly Jan 2007 - Jun 2024
Imports: Europe: ow Germany (NGN mn) 91,725.002 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: America: ow USA (NGN mn) 263,320.371 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Europe: ow UK (NGN mn) 39,682.510 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Chemicals and Chemical Products (NGN mn) 531,688.790 Jun 2024 monthly Jan 2003 - Jun 2024
Imports (NGN mn) 3,152,397.822 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Mineral Fuels, Lubricants and Related Materials (NGN mn) 564,023.272 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Manufactured Goods (NGN mn) 415,104.163 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Food and Live Animals (NGN mn) 464,465.517 Jun 2024 monthly Jan 2003 - Jun 2024
Imports: Machinery and Transport Equipment (NGN mn) 939,658.575 Jun 2024 monthly Jan 2003 - Jun 2024
Export Value Index (2015=100) 93.461 2021 yearly 1980 - 2021
Import Value Index (2015=100) 116.198 2021 yearly 1980 - 2021
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) -769.6 Mar 2024 quarterly Mar 2008 - Mar 2024
Current Account Balance (USD mn) 2,661.1 Mar 2024 quarterly Mar 2014 - Mar 2024
Current Account Balance: % of GDP (%) 5.8 Mar 2024 quarterly Mar 2014 - Mar 2024
Foreign Direct Investment (USD mn) 1,197.6 Mar 2023 quarterly Mar 2014 - Mar 2023
Foreign Direct Investment: % of GDP (%) 5.3 Mar 2024 quarterly Mar 2010 - Mar 2024
Foreign Portfolio Investment (USD mn) 1,400.391 Mar 2024 quarterly Mar 2008 - Mar 2024
Foreign Portfolio Investment: % of GDP (%) 3.1 Mar 2024 quarterly Mar 2010 - Mar 2024
Foreign Portfolio Investment: Equity Securities (USD mn) 1,087.5 Mar 2024 quarterly Mar 2008 - Mar 2024
Foreign Portfolio Investment: Debt Securities (USD mn) 312.861 Mar 2024 quarterly Mar 2008 - Mar 2024
External Debt (USD mn) 42,495.2 Dec 2023 quarterly Dec 2006 - Dec 2023
External Debt: % of GDP (%) 11.9 2023 yearly 1985 - 2023
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) 0.890 2028 yearly 1980 - 2028
Net International Investment Position (USD mn) -86,263.760 2023 yearly 2005 - 2023
External Debt: Service Payments (USD mn) 194.440 Dec 2018 quarterly Mar 2008 - Dec 2018
External Debt: Government (USD mn) 42,495.160 Dec 2023 quarterly Dec 2006 - Dec 2023
External Debt: Government: International Capital Market (USD mn) 15,118.350 Mar 2024 quarterly Mar 2011 - Mar 2024
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) 21,896.535 Aug 2024 monthly Nov 1992 - Aug 2024
Money Supply M2 (USD mn) 67,150.889 Aug 2024 monthly Nov 1992 - Aug 2024
M2 Growth (%) 63.3 Aug 2024 monthly Nov 1993 - Aug 2024
Reserve Requirement Ratio (%) 45.0 Aug 2024 monthly Nov 2005 - Aug 2024
Foreign Exchange Reserves (USD mn) 32,800.0 Apr 2024 monthly Jan 1960 - Apr 2024
Foreign Exchange Reserves: % of GDP (%) 10.611 Mar 2024 quarterly Dec 2010 - Mar 2024
Foreign Exchange Reserves: Months of Import (NA) 9.1 Apr 2024 monthly Jan 2003 - Apr 2024
Gold Reserves (USD mn) 1,533.393 Mar 2024 monthly Dec 1950 - Mar 2024
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) 66,336.6 Aug 2024 monthly Nov 1992 - Aug 2024
Domestic Credit Growth (%) 33.3 Aug 2024 monthly Nov 1993 - Aug 2024
Private Debt: % of Nominal GDP (%) 16.22 Sep 2023 quarterly Dec 2010 - Sep 2023
Monetary Survey: Liabilities: Base Money (NGN mn) 26,891,229.280 Aug 2024 monthly Jan 1993 - Aug 2024
Monetary Survey: Liabilities: M2: M1 (NGN mn) 34,949,935.480 Aug 2024 monthly Nov 1992 - Aug 2024
Monetary Survey: Liabilities: M2: Quasi Money (NGN mn) 72,232,284.010 Aug 2024 monthly Nov 1992 - Aug 2024
Monetary Survey: Liabilities: M2 (NGN mn) 107,182,219.490 Aug 2024 monthly Nov 1992 - Aug 2024
Monetary Survey: Liabilities: M3 (NGN mn) 35,345,802.020 Jun 2020 monthly Nov 1992 - Jun 2020
Non Performing Loans to Gross Loans (%) 4.140 Jun 2023 semiannually Dec 2003 - Jun 2023
Business and Economic Survey Last Frequency Range
Business Confidence Growth (% Point) 13.8 Sep 2024 monthly Jul 2015 - Sep 2024

More Indicators for Nigeria

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