Private Sector Credit Rises To N83.43tr

Credit extended to Nigeria’s private sector climbed to N83.43 trillion in July 2026, despite the Central Bank of Nigeria’s continued tight monetary policy stance.

Latest CBN data showed that private sector credit increased by N2.84 trillion from N80.59 trillion in April to N83.43 trillion in July, representing a 3.52 percent rise over the three-month period.

The latest figure also represents an N6.70 trillion increase from the N76.72 trillion recorded in July 2025, translating to 8.74 percent growth year-on-year.

Lending rose steadily during the period, moving from N80.59 trillion in April to N81.04 trillion in May and N83.26 trillion in June before reaching N83.43 trillion in July.

The largest monthly increase was recorded between May and June, when private sector credit expanded by about N2.22 trillion. Growth slowed considerably in July, with lending rising by N171.80 billion, or 0.21 per cent, from the June level.

The CBN database does not provide March 2026 data, making April the earliest available point for measuring the three-month increase. It also does not contain a sectoral breakdown of private sector credit for the months covered.

Earlier CBN data in its Q1 2026 statistical bulletin showed mixed lending trends across key sectors. Agriculture received N3.86 trillion in credit by March, while lending to oil and gas fell from N10.91 trillion in January to N10.58 trillion.

Manufacturing credit similarly declined from N6.57 trillion to N5.77 trillion during the period. However, lending to power and energy increased from N1.30 trillion to N1.61 trillion, while real estate credit rose from N4.67 trillion to N6.29 trillion.

Credit to trade and general commerce reached N6.29 trillion in March, while lending to finance, insurance and capital market activities stood at N9.80 trillion.

The rise in private sector credit occurred alongside a contraction in net domestic credit, which fell by N5.94 trillion, or 4.82 per cent, to N117.35 trillion in July from N123.29 trillion in June.

Government credit also declined, dropping from N40.03 trillion to N33.92 trillion.