Nigeria's Net Domestic Credit Hits N123.34 Trillion in 2026

As of September 2026, net domestic credit in Nigeria increased to N123.34 trillion, up from N96.69 trillion in September 2025, reflecting a year-on-year growth of 27.56%. This rise was primarily driven by a significant increase in banking industry credit to the Nigerian government, which surged by 63.09% year-on-year to N39.40 trillion.

Month-on-month, government credit rose by 19.26% from N33.04 trillion in August 2026. In contrast, lending to the private sector experienced a decline of 0.64% month-on-month, dropping to N83.93 trillion from N84.47 trillion in August 2026.

However, on a year-on-year basis, private sector credit still increased by 15.73% from N72.53 trillion in September 2025. This data was released by the Central Bank of Nigeria and highlights ongoing concerns regarding the transmission of monetary policy to the real economy, particularly in relation to financing for businesses and investments.