NIGERIA’S CREDIT MARKET NEARS 10,000 DEBTORS IN Q1

Nigeria’s credit market recorded an average of 9,611 registered debtors in the first quarter of 2026, representing a 52.2 per cent increase from the same period in 2025.

Data from the Central Bank of Nigeria’s quarterly statistics, sourced from the National Collateral Registry, showed that the average number of registered debtors rose from 6,313 in Q1 2025 to 9,611 in Q1 2026.

The increase was driven largely by individuals and businesses seeking access to credit. Monthly registrations rose from 7,143 in January to 9,786 in February and 11,904 in March.

Individuals accounted for the largest share, averaging 8,409 debtors during the quarter, up 54.1 per cent from 5,458 recorded in Q1 2025.

Business registrations also increased across some categories. Large-business debtors averaged 387 in Q1 2026, compared with 104 a year earlier, representing a 272 per cent increase.

Medium-sized businesses recorded an average of 594 debtors, up 27.2 per cent from 467 in Q1 2025, while micro-business debtors rose by 42.4 per cent to 47.

However, small-business debtors declined by 31 per cent to an average of 174 during the quarter.

Despite the year-on-year growth, the Q1 figures represented a sharp decline from the unusually high levels recorded in the final quarter of 2025, when registered debtors averaged 83,370.

The number of creditors followed a similar pattern, rising 52.2 per cent year-on-year to an average of 9,611 in Q1 2026, but falling significantly from the Q4 2025 average.

Microfinance banks remained the dominant category of creditors, while deposit money banks and non-bank financial institutions also recorded increases compared with the previous year.

The figures suggest that while credit activity has expanded compared with early 2025, access to formal financing remains uneven, particularly for businesses seeking funds for expansion and investment.