Corporate Borrowing Rises in Nigeria Amid Economic Growth

In the second quarter of 2026, corporate borrowing in Nigeria saw significant growth as banks increased credit supply and approved more loan applications, according to the Central Bank of Nigeria (CBN). The CBN's latest Credit Conditions Survey indicated that credit availability rose across all major lending categories, with secured lending at 25.2 index points, corporate lending at 20.4 points, and unsecured lending at 10.5 points.

Demand for corporate loans increased to 15.2 index points, while secured loans rose to 15.1 index points. However, demand for unsecured loans was negative at -1.2 index points.

The CBN noted a decline in defaults among secured and unsecured household lending and corporate borrowers, including small, medium-sized, and large private non-financial corporations. The report attributed the increased lending to improving macroeconomic conditions, banks' market share expansion efforts, and stronger liquidity.

Credit to Nigeria's private sector rose from N81.04 trillion in May to N83.26 trillion in June 2026, a 2.74% month-on-month increase, while consumer credit declined by 19.89% in 2025.