Nigeria's Credit Landscape Shifts: Government Borrowing Eases as Private Sector Lending Recovers

Nigeria's domestic credit landscape is showing a gradual rebalancing, with lending to the government declining slightly while credit to the private sector continues its recovery. In June 2026, total credit to the government saw a marginal decrease of 0.9%, falling to N40.03 trillion from N40.38 trillion in May.

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In contrast, lending to the private sector extended its recovery for a second consecutive month, growing by 2.7% to N83.26 trillion from N81.04 trillion in the preceding month. This expansion in private sector credit occurred despite the prevailing high interest rate environment, signaling renewed lending activity by deposit money banks.

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Analysts have consistently identified increased credit to businesses and households as critical for supporting economic growth and private sector investment. The latest figures from the Central Bank of Nigeria (CBN) suggest that while government borrowing eased, banks are prioritizing credit to the business sector. This trend marks a significant shift from the sharp increases in government borrowing observed in late 2025 and early 2026.

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