Nigeria’s private sector receives N1.18 trillion new loans from banks in Q1 2022

Bank credit to the Nigerian private sector rose to N36.37 trillion as of March 2022, representing N1.18 trillion net new loans to the real sector in the first quarter of the year. This is according to data from the Central Bank of Nigeria (CBN).

Nigeria’s credit to the private sector increased by 3.3% from N35.19 trillion recorded as of December 2021, to stand at N36.37 trillion. This brings bank loans to the private sector to its highest level on record.

Similarly, credit to the government also increased by N2.99 trillion in the review period to stand at N16.32 trillion as of March 2022, while currency in circulation declined slightly by N79.56 billion in Q1 2022.