Nigeria's Private Sector Credit Reaches N94.6 Trillion

As of February 2026, private sector credit in Nigeria has risen to a record N94.61 trillion, up from N93.74 trillion in January 2026, according to data from the Central Bank of Nigeria (CBN). Concurrently, government borrowing increased to N39.36 trillion from N37.87 trillion in January 2026.

The CBN's monetary data indicates a dual acceleration in both private sector credit and government borrowing, suggesting a broad-based balance sheet expansion rather than a traditional crowding-out effect. Over the past year, private sector credit expanded by N18.35 trillion, while government credit rose by N12.25 trillion.

Despite initial strong growth in credit, there were fluctuations throughout the year, with private sector credit peaking at N78.07 trillion in April 2025 before declining to N72.53 trillion in September 2025. The upward trend in government borrowing reflects sustained demand for bank financing, indicating ongoing fiscal financing needs.