Nigerian banks give N3trn credit facility to private sector in 6 months

Credit by Nigerian banks to the private sector rose to its highest level in May 2022, reaching N38.19 trillion from N35.19 trillion recorded as of December 2021.

The figure represents N3 trillion increase within six months.

This is according to data obtained from the Central Bank of Nigeria.

Further look at the data showed that credit to the private sector rose by N6.08 trillion from N32.12 trillion reported by the CBN in May 2021 to N38.19 trillion in the same period of 2022.

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.