Personal Loans in Nigeria Reach N1.96 Trillion in 2026

As of January 2026, personal loans in Nigeria have surged to N1.96 trillion, representing 51.44% of the total consumer credit, which stands at N3.81 trillion, up from N3.78 trillion in December 2025. This growth is attributed solely to a 5.95% increase in personal loans, while retail loans saw a decline of 4.15%, dropping to N1.85 trillion.

The Central Bank of Nigeria (CBN) reported that total credit to the economy rose by 0.17% to N57.41 trillion in January 2026, compared to N57.32 trillion in December 2025. The increase in lending is primarily linked to the agricultural sector, which experienced a 2.77% rise in credit.

The CBN's Monetary Policy Committee, led by Governor Olayemi Cardoso, has retained the benchmark interest rate at 26.5% due to external risks and inflationary pressures, which rose to 15.69% in April 2026. Dr. Femi Egbesola, representing small business owners, criticized the decision and advocated for a reduction in interest rates to improve access to funding for SMEs.