Total credit extended to Nigeria's private sector by Deposit Money Banks (DMBs) rose to N700.31 trillion in 2025, reflecting a modest increase of 1.5% from N689.98 trillion recorded in 2024, according to the latest Central Bank of Nigeria (CBN) statistical bulletin.
Oil and Gas Leads Despite Marginal Decline
Credit to the oil and gas sector stood at N147.52 trillion in 2025, accounting for the largest share of total private sector lending. Although this represented a marginal decline of 0.9% from N148.82 trillion in 2024, the sector remained the dominant destination for bank financing.
Manufacturing Sector Faces Sharp Contraction
Manufacturing, which ranked second in credit allocation, recorded a sharp contraction. Lending to the sector fell by 20.3% to N88.82 trillion from N111.39 trillion in the previous year, highlighting continued financing challenges facing industrial producers.
Financial Services and Trade Show Strong Growth
The financial services sector posted one of the strongest performances during the year. Credit to finance, insurance and capital market activities increased by 30.1% to N99.84 trillion, up from N76.73 trillion in 2024. The trade sector also attracted higher lending, with credit rising by 4.4% to N50.82 trillion from N48.66 trillion.
Agriculture and Other Sectors
Agriculture recorded a 26.1% increase to N38.15 trillion, reflecting sustained support for food production and economic diversification efforts. Government borrowing from deposit money banks rose by 7.2% to N36.19 trillion during the review period. Credit to the information and communication sector increased by 4.6% to N23.32 trillion.
Mixed Performances Across Other Sectors
Transportation and storage received N18.69 trillion in bank credit, up from N17.21 trillion in 2024, while construction lending declined slightly to N26.18 trillion from N27.22 trillion. Real estate and education recorded notable contractions, with credit to real estate falling by about 12% to N10.52 trillion, and education lending dropping by 20% to N956.5 billion from N1.2 trillion a year earlier. A huge increase was recorded under the "Others" category, where lending surged by 195% to N44.86 trillion from N15.21 trillion in 2024, indicating growing miscellaneous credit exposure and possible shifts in loan classification.
Personal Loans Hit N1.9 Trillion
In a related report, personal loans issued by Nigerian banks rose to N1.96 trillion in January 2026, accounting for more than half of total consumer credit. The CBN also reported that the value of personal loans increased by 5.95% during the period. Retail lending decreased by 4.15% to N1.85 trillion, representing 48.56% of consumer credit.
