Credit to Nigeria’s private sector rose for the third consecutive month in August 2026, reaching ₦84.55 trillion, according to the latest data from the Central Bank of Nigeria. The figure increased from ₦83.43 trillion in July, representing a monthly gain of ₦1.13 trillion, or 1.35 percent. This extends a steady rise in aggregate private-sector credit since May.
The latest increase in private-sector credit is a continuation of a trend that started in May, with credit rising from ₦81.04 trillion to ₦83.26 trillion in June, before reaching ₦83.43 trillion in July and ₦84.55 trillion in August. Compared with ₦75.88 trillion recorded in August 2025, the latest figure represents an increase of ₦8.67 trillion, or about 11.4 percent, over 12 months.
Despite the overall growth in private-sector credit, the sectoral breakdown for August is not yet available, making it difficult to determine which industries drove the latest increase. However, the CBN’s first-quarter data showed significant differences in credit allocation across major sectors. Agriculture received ₦3.86 trillion in credit by March 2026, while lending to oil and gas declined from ₦10.91 trillion in January to ₦10.58 trillion in March.
The divergent movements in credit allocation across sectors show why growth in total private-sector credit cannot by itself establish whether financing conditions are improving across productive sectors. Manufacturing credit, for instance, fell from ₦6.57 trillion to ₦5.77 trillion over the same period. Other sectors recorded increases, including power and energy, which rose from ₦1.30 trillion to ₦1.61 trillion.
The increase in lending is taking place against a relatively tight monetary policy environment. At its July 2026 meeting, the CBN’s Monetary Policy Committee retained the Monetary Policy Rate at 26.5 percent, alongside a 45 percent Cash Reserve Requirement for deposit money banks. The CBN has reported stronger demand for corporate and secured loans in the second quarter, alongside lower default rates across major lending categories.
However, the cost of accessing credit remains a major consideration for businesses. Manufacturing credit fell by ₦1.92 trillion between December 2024 and December 2025, according to data previously reported by the Manufacturers Association of Nigeria. Consumer credit has also weakened, with outstanding consumer credit falling by 19.89 percent to ₦3.78 trillion in 2025 from ₦4.72 trillion previously.
The latest ₦84.55 trillion figure points to a broader recovery in the volume of private-sector lending. However, the composition, cost, and destination of that credit will remain important in determining whether the increase translates into stronger investment, production, and economic activity. The CBN maintains a high-frequency statistics database covering monetary and financial data, including credit extended by deposit money banks to economic sectors.
Key points
- Private-sector credit in Nigeria rose to ₦84.55 trillion in August 2026.
- The growth in credit is a continuation of a trend that started in May 2026.
- The cost and composition of credit remain crucial in determining its impact on the economy.
