Personal Loans Rise to ₦2.06tn as Nigerians Face Growing Financial Pressure

Personal loans in Nigeria rose to an estimated ₦2.06 trillion in May 2026, accounting for 64.78% of the country’s total consumer credit of ₦3.18 trillion, according to the latest Central Bank of Nigeria economic report. Total consumer credit increased from ₦3.13 trillion in April, while personal loans rose by 1.98%. The figures point to wider access to credit, but they also raise concerns about why many households are borrowing. A financial inclusion survey cited by the CBN found that 40.8% of formal borrowers used loans mainly for consumption and coping expenses in 2026, up from 31.7% in 2023. Meanwhile, borrowing for productive activities such as business investment fell to 34.3%. Loans can support education, business growth and asset purchases. However, borrowing for food, rent, transport or healthcare may leave households trapped in repayment pressure. Borrowers should consider interest, fees and repayment terms before accepting any loan offer.

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