Nigeria’s credit market sees sharp rise and fall in debtor numbers
Nigeria’s credit market experienced significant fluctuations, with a notable increase in registered debtors in the first quarter of 2026 compared to the previous year. However, the numbers remain much lower than the extraordinary peak seen in the final quarter of 2025. Analysts, including the Nigerian Economic Summit Group and the Centre for the Promotion of Private Enterprise, have raised concerns about the uneven distribution of lending and ongoing challenges for businesses. Dr Muda Yusuf highlighted persistent issues such as high interest rates and operational costs affecting private-sector growth.
TLDR
- Nigeria recorded an average of 9,611 debtors in the first quarter of 2026, a 52.2% increase from Q1 2025, but 88.5% lower than the Q4 2025 average of 83,370.
- Individual debtors averaged 8,409 in Q1 2026, up 54.1% from Q1 2025, but 88% below the Q4 2025 average.
- Large-business debtors rose to a quarterly average of 387 in Q1 2026 from 104 in Q1 2025, but far below the Q4 2025 average of 3,051.
- The CBN reduced the Monetary Policy Rate by 50 basis points to 26.5 per cent in February 2026 to support economic activity.
- Experts warn that, despite improved credit activity, high interest rates and concentrated lending continue to limit broad-based business investment and growth.
