Personal loans obtained by Nigerians rose to an estimated ₦2.06 trillion in May 2026, according to data contained in the Central Bank of Nigeria’s May Economic Report.
The figure represents approximately 64.78 per cent of total consumer credit outstanding during the month, underscoring the dominant role of personal borrowing within Nigeria’s consumer-credit market.
According to the CBN, total consumer credit increased by 1.60 per cent from ₦3.13 trillion in April to ₦3.18 trillion in May.
Personal loans remain dominant
The apex bank said personal loans accounted for 64.78 per cent of outstanding consumer credit, while retail loans represented the remaining 35.22 per cent.
Based on those proportions, personal loans amounted to approximately ₦2.06 trillion, while retail loans stood at about ₦1.12 trillion.
Personal loans also increased by 1.98 per cent month-on-month, while retail loans rose by 0.90 per cent.
Borrowing amid economic pressure
The increase in household borrowing comes against a difficult economic backdrop characterised by elevated living costs and weak consumer spending.
The CBN reported that economic activity remained weak in May, with its composite Purchasing Managers’ Index standing at 49.60, below the 50-point threshold generally associated with expansion.
The rise in personal borrowing does not by itself establish that households are borrowing specifically to finance basic necessities. However, the figures provide an indication of the continued expansion of consumer credit amid challenging economic conditions.
For households, higher borrowing can provide short-term liquidity but may also increase debt-servicing obligations if income growth does not keep pace with repayment commitments.