Nigeria’s personal loan portfolio rose by 37.76 per cent to N3.32tn in November 2024, according to the latest monthly report by the Central Bank of Nigeria.
The sharp increase in consumer borrowing reflects the impact of rising inflation and high living costs, which have forced many Nigerians to rely more on credit to meet their financial obligations.
The CBN report showed that personal loans grew from N2.41tn in October to N3.32tn in November, marking one of the most significant monthly increases in recent years.
Personal loans now account for 74.95 per cent of total consumer credit, highlighting the growing dependence on unsecured loans to cover essential expenses such as rent, healthcare, education, and household needs.
Consumer credit outstanding also saw a substantial increase of 26.29 per cent, reaching N4.42tn in November from N3.50tn the previous month.
Retail loans, which cover credit facilities for asset financing and consumer durables, rose by 1.83 per cent from N1.09tn in October to N1.11tn.
