Personal loans obtained by Nigerians rose to about N2.06tn in May 2026 as consumer credit expanded amid persistent cost pressures and weak household spending.
According to the Central Bank of Nigeria’s May 2026 Economic Report, total consumer credit increased by 1.60 per cent from N3.13tn in April to N3.18tn in May.
Personal loans accounted for 64.78 per cent of the total consumer credit, making them the largest component, while retail loans accounted for the remaining 35.22 per cent.
The CBN said personal loans increased by 1.98 per cent during the month, suggesting an increase of about N40bn, while retail loans grew by 0.90 per cent.
The increase in borrowing occurred as economic activity remained weak, with the CBN’s composite Purchasing Managers’ Index standing at 49.60 points in May, below the 50-point threshold for expansion.
Headline inflation also rose to 15.93 per cent from 15.69 per cent in April, with the apex bank citing persistent cost pressures and higher energy prices, although month-on-month inflation slowed during the period.
The rising reliance on personal credit comes amid growing financial stress among Nigerians. A 2026 financial services survey found that 40.8 per cent of formal borrowers used loans for coping and consumption, while 45.8 per cent reported some or serious repayment stress.
