Outstanding consumer credit in Nigeria fell by N780bn in one month to N3.03tn in February 2026, as high borrowing costs continued to weigh on household demand for loans despite improving macroeconomic conditions.
The decline was contained in the Central Bank of Nigeria’s February 2026 Economic Report, obtained from the apex bank’s website on Friday, which showed that consumer credit dropped from N3.81tn in January to N3.03tn in February, driven by reductions in both personal and retail loans.
The report, however, indicated that credit to the broader economy continued to expand during the review period.
According to the CBN, “Total credit to the economy increased by 0.82 per cent to N57.88tn at end-February 2026, from N57.41tn in the preceding month, mirroring the gradual improvement in monetary conditions.”
The apex bank noted that lending growth was largely driven by productive sectors of the economy. It stated, “The growth was broad-based, as indicated by increases in credit to the agriculture (2.70 per cent), industry (1.05 per cent), and services (0.46 per cent) sectors.”
