The Central Bank of Nigeria (CBN) disclosed that credit to the private sector rose to N94.61 trillion in February 2026, up from N93.74 trillion in January. Government borrowing increased to N39.36 trillion in the same period, from N37.87 trillion the previous month. The data, published on the CBN website, reflects a simultaneous rise in credit to both private enterprises and government. Over a 12-month period, private sector credit expanded by N18.35 trillion from N76.26 trillion in February 2025, while government credit grew by N12.25 trillion from N27.11 trillion.
Private sector lending had fluctuated throughout 2025, starting the year at N77.38 trillion in January, dipping to N72.53 trillion in September, and ending at N75.83 trillion in December. The 2025 trend was marked by tight liquidity, high policy rates, and risk aversion. The jump in early 2026 marks a shift, suggesting improved liquidity and stronger corporate demand for credit amid FX pass-through and energy cost pressures. Government credit also rose steadily, beginning 2025 at N25.03 trillion, falling to N21.66 trillion in June, then climbing to N34.22 trillion by December. The upward movement continued into 2026, with claims reaching N39.36 trillion in February.
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