Despite the hardships being faced, loans taken by Nigerians from banks reached N3.8tr

As Nigerians battle rising inflation and economic hardship, loans Nigerians took from banks increased to N3.82 trillion in January.

This amount is 11.9 percent higher than the N2.64 trillion recorded in December 2023.

The Central Bank of Nigeria (CBN) disclosed this in its monthly Economic report posted on its official website on Monday.

On a year-on-year basis, the figure shows an increase of N1.41 trillion from the N2.41 trillion recorded in January 2023.

The apex bank noted that retail loans rose 3.6 per cent to N794.79 billion in the review period.

READ ALSO:Bank loans to private sector hit N43tn

The report further shows that personal loans account for 7 percent of 9.2 percent of consumer credit.

The report said: “Total outstanding consumer credit increased by 11.9 per cent to N3.82 trillion in January 2024, primarily driven by an increase in personal loans due to rising inflation.

“Consumer credit disaggregation shows that personal loans increased 14.3 percent to N3.028 trillion from N2.648 trillion in December 2023, while retail loans rose 3.6 percent to N794.79 billion.

“Personal loans accounted for 79.2 percent of consumer credit, while retail loans accounted for 20.8 percent. However, consumer credit, as a share of total credit from ODC, fell to 6.6 percent, from 7.7 percent in the previous month.”

By: Babajide Okeowo

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