Abuja, June 30, 2026 – Consumer credit to the Nigerian economy dropped to ₦3.03 trillion in February from ₦3.81 trillion in January 2026.
The Central Bank of Nigeria (CBN) disclosed in the latestest edition Economic Report’
According to the report, consumer credit dropped significantly in February by ₦780 billion caused by reductions in both personal and retail loans.
The significant drop of the consumer credit during the month was attributed to high cost of borrowing.
During the month, total credit to the economy grew by 0.82% to ₦57.88 trillion, reflecting stronger lending to productive sectors.
“Total credit to the economy increased by 0.82 per cent to N57.88tn at end-February 2026, from N57.41tn in the preceding month, mirroring the gradual improvement in monetary conditions,” the report said.
The growth of the total credit was driven by productive sectors of the economy, with the agriculture sector (2.70 per cent), industry (1.05 per cent), and services sector. (0.46 per cent) accounting for56.8% of the total credit.
It said the services sector maintained its dominance, accounting for 56.78 per cent of total credit, followed by industry (36.64 per cent) and agriculture (6.58 per cent) sectors.
