Nigeria · Consumer markets
How Nigerian consumer credit changed after its December 2024 peak
Outstanding consumer credit fell from ₦4.90 trillion at the end of 2024 to ₦3.78 trillion a year later in the Central Bank series. Its share of claims on the private sector fell from 8.28% to 6.60%.
Sources checked
The five published balances shown here peaked in December 2024.
The outstanding balance fell in both halves of 2025
Consumer credit was ₦4.90 trillion in December 2024, ₦4.00 trillion in June 2025 and ₦3.78 trillion in December 2025. The Central Bank put the latest half-year decline at 5.52%. The full year decline was about ₦1.12 trillion, or 22.8%. Source 1 Source 2
The denominator affects the share
Consumer credit accounted for 6.60% of the ₦57.31 trillion in total claims on the private sector at the end of 2025. Both the consumer balance and all private claims can move. The table gives the ratio and outstanding balance together where the source reports both. Source 1
The reported composition changed
Personal loans represented 78.55% of the outstanding balance at the end of 2024 and 48.84% at the end of 2025. Retail loans accounted for the remaining share in each report. An assessment of what drove that shift would need a consistent product-level breakdown and any changes in reporting classifications. Source 1 Source 2
An outstanding balance measures a stock
New loans add to the balance while repayments and write-offs can reduce it. A lower balance can coexist with new lending during the same period. To measure demand or access to credit, compare approvals, new advances and borrower counts separately. Source 1 Source 2