Number Of Nigerians Using Assets To Get Loans Jumps 45.8% In One Year

The number of debtors recorded in the Central Bank of Nigeria’s (CBN) National Collateral Registry rose by 45.8 per cent in one year to 10,192 in June 2026, as more individuals and businesses borrowed against movable assets.

Data from the CBN’s second-quarter 2026 statistical bulletin showed that the number of debtors increased from 6,988 in June 2025 to 10,192 in June 2026. Individuals accounted for the largest share, while microfinance banks remained the dominant creditor category.

A breakdown showed that the number of individual debtors rose by 45.4 per cent, from 5,889 to 8,560 over the period. Medium-sized business debtors increased to 789 from 505, while large business debtors rose to 484 from 388.

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Small business debtors also increased to 265 from 157, while micro business debtors climbed to 94 from 49, indicating wider use of the registry across different business categories.

By creditor type, microfinance banks accounted for 9,055 debtors in June 2026, up 41.6 per cent from 6,395 a year earlier. Debtors associated with deposit money banks rose to 405 from 125, while those linked to finance houses increased to 313 from 103. Non-bank financial institutions recorded 419 debtors, compared with 365 in June 2025.

The National Collateral Registry is a centralised database of loans secured with movable assets, including equipment, vehicles, inventory, receivables and other personal or business property. It enables lenders to check whether assets have already been pledged as collateral and helps borrowers, particularly individuals and small businesses without land or fixed property, access credit.

Meanwhile, CBN data on the sectoral distribution of deposit money banks’ credit showed that private-sector credit rose to N62.79 trillion in June 2026 from N58.16 trillion in June 2025, an increase of N4.63 trillion, or approximately 8 per cent.

Quarterly, private sector credit increased by 5.1 per cent, from N59.74 trillion in March 2026 to N62.79 trillion in June, representing an increase of about N3.05 trillion.

A sectoral breakdown showed that trade and general commerce recorded the largest increase among the major sectors, with outstanding credit rising by N2.44 trillion, from N3.86 trillion in June 2025 to N6.30 trillion in June 2026.

The 63.4 per cent increase reflected greater bank exposure to businesses involved in the distribution and exchange of goods and services. Credit to construction also rose substantially, increasing by 53.7 per cent to N2.88 trillion from N1.88 trillion.

Agricultural credit grew by 30.4 per cent, from N3.19 trillion to N4.16 trillion, an increase of N969 billion. The growth came amid continued financing needs across food production, agricultural processing and supply chains.

Credit to power and energy under the industrial category rose by 22.3 per cent to N1.50 trillion from N1.23 trillion, while lending to mining and quarrying increased to N164 billion from N52 billion.

However, credit growth was uneven across the industrial sector, with manufacturing and oil and gas recording declines.

Manufacturing credit fell by 26.8 per cent to N5.19 trillion in June 2026 from N7.09 trillion a year earlier, a reduction of approximately N1.90 trillion. The decline contrasted with the growth recorded in agriculture, construction and trade, raising questions about the distribution of bank financing among sectors with differing contributions to domestic production and employment.

Credit to oil and gas under the industrial category also declined, falling by 3.2 per cent to N11.92 trillion from N12.32 trillion. Despite the decline, oil and gas remained the largest individual industrial credit category, with outstanding loans exceeding those recorded in manufacturing, construction and agriculture.

Within the services sector, credit to real estate rose by 13 per cent to N1.02 trillion from N904 billion, while financing for finance, insurance and the capital market increased by 8.2 per cent to N10.25 trillion from N9.47 trillion.

Credit to education surged by 71.3 per cent to N136 billion from N79 billion, while lending to information and communication rose by 37.2 per cent to N2.21 trillion from N1.61 trillion.

Transportation and storage credit, however, declined to N1.66 trillion from N1.96 trillion, despite the report’s stated growth rate of 15.3 per cent. The figures therefore require verification.

Credit classified under general services fell by 12.4 per cent to N3.95 trillion from N4.50 trillion, while lending to power and energy within the services category increased by 7.2 per cent to N705 billion from N658 billion.

The data also showed that credit recorded under the government category rose by 18.5 per cent to N3.67 trillion from N3.10 trillion. The CBN reports this category separately in its sectoral distribution table.

Quarterly figures showed that agricultural credit rose by 7.6 per cent between March and June 2026, while construction credit increased by 8.6 per cent. Lending to trade and general commerce remained broadly unchanged at about N6.30 trillion.

Manufacturing credit, however, fell by 10 per cent, from N5.77 trillion in March to N5.19 trillion in June, extending the annual decline.