Banks’ credit to the private sector hit its highest level in May 2022, reaching N38.19 trillion from N35.19 trillion recorded as of December 2021, representing an N3 trillion increase within six months.
This is according to data SKYTREND NEWS obtained from the Central Bank of Nigeria.
Nigerian Banks Loan N3 Trillion To The Private Sector In 6 Months
Based on the data, credit to the private sector in Year-on-Year performance has surged by N6.08 trillion from N32.12 trillion reported by the CBN in May 2021. This is indicative of an 18.9% increase within 12 months.
The increase in bank credit is in line with the CBN’s mandate to give the real sector easy access to credit in order to ensure economic stability. Also, innovation in technology and the surge in the number of FinTechs in the lending space have brought more competition to the Nigerian lending sector.