Nigeria Banking Sector

Commercial Banks in Nigeria

Aggregate assets of Nigerian commercial banks grew by approximately 11% between 2012 – 2016 to reach NGN 31.7 trillion. This performance was strengthened by the growth in bank loans (~14%), particularly benefiting the Oil & Gas sector. On the liabilities side, bank deposits grew by approximately 9% between 2012 – 2016 driven by the foreign currency and saving accounts.

Commercial Bank’s Total Assets (NGN billion)

Aggregate assets of Nigeria’s commercial banks registered an annual growth rate of 10.45% over the 2012 – 2016 period, totaling NGN 31,683 billion by the end of 2016.

*Central Bank of Nigeria – 2016 Statistical Bulletin – Financial Statistics

Commercial Bank’s Total Loans (NGN billion)

Total claims grew by 13.7% annually between 2012 – 2016, to stand at NGN 21,170 billion by the end of 2016. Claims on the private sector totaled NGN 15,856 in 2016, accounting for 75% of total loans.

Aggregate Bank’s Credit Distribution by Corporate Sector in 2016

The Oil & Gas sector was the largest recipient of loans in 2016 (30.02%), followed by the manufacturing (13.59%) and government (8.45%) sectors.

Commercial Bank’s Total Deposits (NGN billion)

Total deposits increased by 8.69% annually over the last 5 years, to reach NGN 18,327 billion in 2016. Although demand deposits continue to be the main component of total deposits (34% in 2016), foreign currency and saving accounts stand as the top contributors to the 2012 – 2016 growth, with NGN 1,844 and NGN 1,657 respectively.

Learn more on Nigeria's Banking Market

Which banks hold the highest market share in Nigeria? How resistant are these players to credit shocks?

Submit the form below to access more insights on Nigeria’s banking sector.