A recent report from the Central Bank of Nigeria indicates that personal loans obtained by Nigerians have reached an unprecedented level of N2.06 trillion in May 2026, representing almost two-thirds of total consumer credit.
According to data from the Economic Report of the Central Bank of Nigeria, total consumer credit outstanding increased by 1.60 trillion naira between December 2025 and May 2026, with personal loans accounting for the majority of this growth.
The rise in personal loan borrowing is attributed to persistent cost pressures and weak consumer spending amid Nigeria’s ongoing economic challenges. The Central Bank has not yet provided details on when the facility began operating or whether it is intended as a long-term solution for Nigerians grappling with increasing costs.
The Tribune Online was first to report on this trend, stating that personal loans are becoming increasingly popular among Nigerians seeking to manage their financial obligations during these challenging times.
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