Nigeria has a population of 168.8 million, and accounts for 47% of West Africa’s population. With a GDP of USD 459.6 billion, Nigeria is both the continent’s most populous and most productive country. However, 68% of Nigerians live on less than USD 1.25/day.  

A large portion of the population in Nigeria, about 46.3%, is still unbanked. The Central Bank of Nigeria launched the National Financial Inclusion Strategy in October 2012, which aims to reduce the financial exclusion rate to 20% by 2020, and ensures that a clear agenda is set for increasing access to and use of financial services by 2020.

Nigeria is still in the top three countries in Sub-Saharan Africa in terms of the greatest number of greenfield microfinance banks (MFBs). However, large state and even multi-state MFBs have still found it difficult to transform into national MFBs, although the path towards transformation was delineated in 2010.

Key Economic Indicators
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Population: 168.8 million (2012)
GDP: 459.61 billion USD (2012) 
GDP growth: 6.7% (2012)
Currency: Nigerian Naira
% population on less than USD 1.25/day: 68% (2010)
% population on less than USD 2/day: 84.5% (2010)
World Bank
Financial Inclusion Indicators
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% of population with account at formal institution: 30% (2011)
% of population with loan at formal institution: 2% (2011)
% of population with savings at formal institution: 24% (2011)