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Appendix 1: Bank Lending and the Nigerian Economy (1998-2024) Years Gross Domestic Product (N Billion) Total Bank Credit (N’ Billions) Interest Rate (%) Total Bank Deposits (N’ Billions) 1998 4,805.16 272.90 18.29 314.3 1999 5,482.35 322.76 21.32 476.35 2000 7,062.75 508.30 17.98 702.1 2001 8,234.49 796.16 20.69 947.18 2002 11,501.45 954.63 19.58 1157.11 2003 13,556.97 1,210.03 20.71 1337.29 2004 18,124.06 1,519.24 19.18 1,661.48 2005 23,121.88 1,976.71 17.75 2,036.09 2006 30,375.18 2,524.30 17.26 3,245.15 2007 34,675.94 4,813.49 16.94 5,001.47 2008 39,954.21 7,799.40 15.14 7,960.16 2009 43,461.46 8,912.14 18.99 9,150.04 2010 55,469.35 7,706.43 17.59 9,784.54 2011 63,713.36 7,312.73 16.02 11,452.76 2012 72,599.63 8,150.03 16.79 13,132.09 2013 81,009.96 10,005.59 25.50 13,767.46 2014 90,136.98 12,889.42 20.00 17,185.8 2015 95,177.74 13,086.20 18.72 17,276.67 2016 102,575.42 16,117.20 18.55 18,326.95 2017 114,899.25 63,101.76 18.4 72,561.32 2018 129,086.91 61,669.9 18.4 81,712.43 2019 145,639.14 64,543.74 18.45 81,712.43 2020 154,252.32 62,645.54 18.63 81,635.56 2021 176,075.50 72,423.74 18.9 83,775.42 2022 201,236,503 . 75,545.25 18.45 88,324.32 2023 232,833.75 77,563.23 23.9 86,565.23 2024 258,612.11 78,523.56 18.45 80,311.35 Source: Central Bank of Nigeria Statistical Bulletin, 2024.
