Credit advanced to Nigeria’s private sector rose for a third consecutive month to N84.55 trillion as of August 2026 according to the latest Central Bank of Nigeria (CBN) data.
The amount represents an increase of N1.13 trillion from N83.43 trillion recorded in the previous month implying a 1.35 percent growth.
The News Chronicle reports that business credit grew from N81.04 trillion in May to N83.26 trillion in June and further to N84.55 trillion in August.
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Compared to the same period last year credit to the private sector rose by N8.67 trillion or 11.4 percent from N75.88 trillion recorded in August 2025.
While the overall increase is positive it does not imply that all sectors are getting more funding as evidenced by previous CBN data indicating that credit to manufacturing and oil and gas had declined while lending to agriculture, real estate, power and energy recorded increases.
The latest jump in credit to the private sector also comes as CBN continues to maintain a tight monetary policy as evidenced by keeping the Monetary Policy Rate (MPR) at 26.50 percent in July.
Businesses continue to be affected by the high cost of borrowing while private sector groups have called for measures that will make credit more accessible and affordable.
The August data therefore points to stronger aggregate lending, although the distribution and cost of credit remain important factors for businesses.
