Nigeria’s private sector credit climbed to N83.43tn in July 2026, extending a steady rise in lending to businesses and other private-sector borrowers despite the Central Bank of Nigeria’s tight monetary policy stance.
Data from the CBN showed that private sector credit increased by 0.21 per cent between June and July, following a much stronger N2.22tn expansion in June.
The July figure was N6.70tn higher than the N76.72tn recorded a year earlier, representing an 8.74 per cent annual increase.
Over the four-month period from April to July, credit to the private sector rose by N2.84tn, from N80.59tn to N83.43tn. The increase means lending to private sector operators has continued to expand even with the benchmark Monetary Policy Rate held at 26.50 per cent.
The CBN has maintained its restrictive monetary stance as part of efforts to contain inflation and preserve macroeconomic stability. Yet, the sustained rise in private sector credit indicates that demand for financing remains firm. The pace of expansion, however, slowed considerably in July. After rising from N81.0tn in May to N83.26tn in June, credit added only N171.8 billion in the following month.
