Nigeria's Construction Sector Sees 16.2% Credit Surge

In the first quarter of 2026, Nigeria's construction sector experienced a substantial increase in bank credit, rising by 16.2% to N369.2 billion, according to data from the Central Bank of Nigeria (CBN). This growth pushed the total outstanding credit to construction companies to N2.65 trillion by March 2026, up from N2.12 trillion in January.

The construction sector's credit growth was nearly four times faster than the overall private-sector credit, which increased by approximately 4.2% during the same period, from N57.31 trillion in December 2025 to N59.74 trillion in March 2026. The construction sector was one of the strongest recipients of incremental bank credit, following only trade/general commerce, oil and gas-related services, and finance, insurance, and capital market activities.

Year-on-year, March 2026 lending to construction was 12.5% higher than the N2.36 trillion recorded in March 2025. This trend indicates that banks are increasingly channeling credit into the construction sector amid high demand for housing and infrastructure.