Personal loans hit N1.96tn as consumer credit grows

Governor of the Central Bank of Nigeria, Olayemi Cardoso | Credit: CBN

Personal loans granted by Nigerian banks rose to N1.96tn in January 2026, accounting for more than half of the country’s total consumer credit, according to the latest Economic Report of the Central Bank of Nigeria.

The report, obtained from the CBN website by Sunday PUNCH on Friday, further showed that total consumer credit outstanding increased by 0.79 per cent to N3.81tn in January from N3.78tn in December 2025, driven entirely by growth in personal lending.

The apex bank stated, “Consumer credit outstanding increased by 0.79 per cent to N3.81tn, from N3.78tn in the preceding month. The increase in consumer credit was due solely to the rise in personal loans by 5.95 per cent to N1.96tn from N1.85tn, which constituted 51.44 per cent of total consumer credit.”

The report showed that retail loans declined by 4.15 per cent to N1.85tn from N1.93tn in the preceding month, accounting for the remaining 48.56 per cent of consumer credit.