Nigeria Personal Loans Total About US$1.55 Billion, Central Bank Data Show
Nigerians owed about US$1.55 billion in personal loans at the end of May 2026, central bank data show, as consumer credit rose 1.6% from April. The post Nigeria Personal Loans Total About US$1.55 Billion, Central Bank Data Show appeared first on The Rio Times .
At the end of May 2026, Nigerians held approximately 2.06 trillion naira (US$1.55 billion) in personal loans, according to data released by the Central Bank of Nigeria (CBN). This figure represents a 1.98% increase compared to April 2026, when personal lending stood at 3.13 trillion naira (US$2.35 billion). Personal loans constituted 64.78% of the total consumer credit outstanding, which amounted to 3.18 trillion naira (US$2.39 billion) in May, up 1.60% from April.
Retail loans, which include credit directly tied to purchasing goods and services, made up 35.22% of consumer credit, totaling about 1.12 trillion naira (US$841 million) in May. The balance of consumer debt, reflecting the total amount owed by households at month-end, grew by around 50 billion naira (US$38 million) in May, with the personal-loan balance alone rising by roughly 40 billion naira (US$30 million).
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