Nigeria’s private sector credit expanded significantly in the first nine months of 2024, reaching N75.85 trillion in September, a 30 per cent year-on-year increase from N59.51 trillion in September 2023.
A monthly breakdown of the money and credit data posted on the Central Bank of Nigeria (CBN) website reveals an active lending landscape in 2024, starting with N76.48 trillion in January, an 84 per cent increase compared to N41.54 trillion in January 2023.
February marked the peak of private sector credit for the year at N80.86 trillion, a 93.7 per cent rise from N41.75 trillion in February 2023. Credit dipped slightly to N71.21 trillion in March, reflecting cautious lending due to tighter monetary conditions.
However, lending activity rebounded in April, rising to N72.91 trillion. May and June saw relatively stable credit levels at N74.31 trillion and N73.19 trillion, respectively.
July recorded a modest uptick to N75.51 trillion, highlighting increased lending to small and medium-sized enterprises (SMEs) amid growing inflationary pressures.
In August, credit fell slightly to N74.73 trillion before climbing to N75.85 trillion in September, marking a 27.4% jump from N59.51 trillion in September 2023.
