PRIVATE SECTOR CREDIT CLIMBS TO N83.3TN AMID LENDING GROWTH

Private sector credit in Nigeria has surged to N83.3 trillion, according to the latest statistics released by the Central Bank of Nigeria (CBN) on Friday.

The impressive growth reflects increased lending by commercial banks to businesses and households as the financial system responds to policy incentives aimed at boosting economic activity.

CBN officials noted that the expansion in credit has been driven by targeted interventions in key sectors such as agriculture, manufacturing, and small and medium enterprises (SMEs).

Economists view the development as encouraging, especially as the country seeks to diversify the economy and create more jobs.

However, stakeholders have called for prudent credit risk management to avoid a buildup of bad loans amid prevailing high interest rates and economic headwinds.

The rise in private sector credit is expected to support consumption, investment, and overall economic recovery if sustained alongside fiscal and structural reforms.