Credit extended to Nigeria’s private sector climbed to N83.43 trillion in July 2026, indicating stronger borrowing activity among businesses and other private-sector operators.
According to the latest reports by the Central Bank of Nigeria, the amount of private sector credit grew by N2.84 trillion during April-July, which means a 3.52 percent increase for the three-month period.
The News Chronicle reports that the growth rate of credit peaked in May, jumping to N81.04 trillion from N80.59 trillion in April, then climbing further to N83.26 trillion in June.
The increase slowed down in July, rising by N171.80 billion to reach N83.43 trillion.
The value reflects an increase of N6.70 trillion compared to the level of credit in July 2025, which stands at N76.72 trillion.
Despite the CBN’s decision to keep the Monetary Policy Rate at 26.50 percent in order to tackle soaring inflation, the domestic credit growth picked up.
Domestic credit growth came on the back of a decrease in net domestic credit by N5.94 trillion to N117.35 trillion and a drop in credits to the government by N6.11 trillion to N33.92 trillion.
Earlier sector data showed increased lending to agriculture, power, energy, real estate, and commerce, although financing for the manufacturing and oil sectors declined.
The latest figures suggest businesses are increasingly turning to bank financing despite the high cost of borrowing, even as industry groups continue to call for lower interest rates to support investment and economic growth.
