Nigerians’ personal loans rise to N2.06tn as cost pressures persist

Personal loans obtained by Nigerians rose to an estimated N2.06tn in May 2026, accounting for 64.78 per cent of total consumer credit, as households continued to rely on borrowing amid economic pressures.

The Central Bank of Nigeria disclosed this in its May 2026 Economic Report, which showed that total consumer credit increased by 1.60 per cent from N3.13tn in April to N3.18tn in May.

According to The Punch,the apex bank said the increase was driven by growth in personal and retail loans.

It said, “Consumer credit outstanding increased by 1.60 per cent to N3.18tn from N3.13tn in the preceding month, driven by growth in personal and retail loans, which rose by 1.98 and 0.90 per cent, respectively.”

The CBN added, “Personal loans remained the dominant component of consumer credit, accounting for 64.78 per cent, while retail loans constituted 35.22 per cent.”

The development occurred amid weak economic activity, with the Purchasing Managers’ Index remaining below the 50-point expansion threshold in May.

The CBN also reported that headline inflation rose to 15.93 per cent from 15.69 per cent in April, amid persistent cost pressures and higher energy prices.