Nigeria's consumer credit drops by N780bn in February 2026 amid high borrowing costs
via Punch Nigeria4 min read
Outstanding consumer credit in Nigeria decreased by N780bn in February 2026, reaching N3.03tn from N3.81tn in January. This decline, detailed in the Central Bank of Nigeria's CBN February 2026 Economic Report, is attributed to high borrowing costs impacting household demand for loans, despite improving macroeconomic conditions. The reduction was observed in both personal and retail loans. In contrast, total credit to the broader economy expanded by 0.82 percent to N57.88tn, driven by growth in agriculture, industry, and services sectors. The services sector accounted for 56.78 percent of total credit. Monetary conditions showed signs of easing in February, with a relaxation of the policy rate and cooling inflation, though lending rates remained high. The banking system experienced stronger liquidity, increasing by 23.69 percent to N3.08tn, due to fiscal injections and maturing Nigerian Treasury Bills and Federal Government of Nigeria Bonds. The domestic economy strengthened, with business activity rising to 56.40 in February, indicating faster expansion across various sectors. Inflationary pressures continued to ease, with headline inflation slowing marginally to 15.06 percent in February. However, headline inflation rose to 15.69 percent in April 2026, and food inflation increased to 16.06 percent. The CBN's Monetary Policy Committee MPC retained the benchmark interest rate at 26.5 percent, citing external risks and inflationary pressure. CBN Governor Olayemi Cardoso noted a
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Mrs. Angela Emuwa, Chairman of PUNCH Nigeria Limited, and Professor Mojisola Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control NAFDAC, were among 10 women honored at the third Extraordinary Women Advancing Healthcare EWAH Awards in Lagos. Mrs. Emuwa received recognition for her contributions to healthcare development, innovation, and community impact, particularly in deepening access to healthcare in Nigeria. Other awardees included Njide Ndili, President of the Healthcare Federation of Nigeria; Viviane Ihekweazu, Managing Director of Nigeria Health Watch; and Dr. Amina Mohammed-Baloni, former Kaduna State Commissioner for Health. The EWAH Awards, which originated from the Commonwealth Institute, aim to acknowledge the impact of women in the health sector, provide visibility for their work, and encourage their efforts to strengthen healthcare systems and bridge the gender gap in healthcare leadership. Mrs. Emuwa stated that the award affirmed PUNCH's commitment to advancing healthcare in Nigeria through investigative journalism, focusing on areas such as maternal and child health, immunization, and public health awareness. She emphasized PUNCH's role in influencing policies and holding institutions accountable. Clare Omatseye, Chairman of the Board of Directors, EWAH Award Nigeria, highlighted that the awards seek to inspire transformation and meaningful contributions. Dr. Bisi Bright, Regional Representative for EWAH Awards Africa,
Global air cargo demand increased by 6.0% in May 2026 compared to the same period in 2025, according to the International Air Transport Association IATA. International operations saw an even higher rise of 6.5%. Cargo capacity also grew by 1.9% year-on-year, with international capacity up by 2.8%. This growth occurred despite ongoing geopolitical tensions in the Middle East, which led to an 8.9% contraction in cargo volumes for carriers in that region. IATA's Director-General, Willie Walsh, noted that strong demand reflects the industry's ability to adapt to changing market realities. Africa, Asia-Pacific, Europe, and North America all reported above-trend growth. Walsh expressed cautious optimism for the rest of the year, citing improving macroeconomic indicators, including a 5% year-on-year expansion in global trade and a rise in the Global Manufacturing Output Purchasing Managers’ Index to 53.5 in May. Jet fuel prices declined by 16.3% month-on-month in May, offering some operational relief, though prices remain significantly higher than a year prior. Export demand, however, remained relatively weak, with the New Export Orders Index below the 50-point mark at 49.6, indicating that cargo growth is driven by specific trade corridors rather than broad global export improvements.
Must ReadPastor Enoch Adeboye, General Overseer of The Redeemed Christian Church of God, and David Oyedepo, Presiding Bishop of Winners’ Chapel, have called for increased United States support to combat terrorism in Nigeria. Speaking at the 2026 Faith Defender Award Gala in Washington, D.C., they warned that Nigeria is nearing a breaking point due to persistent insecurity. Adeboye urged the US and its allies to intensify their assistance, stating, “If you want to help us, help us more.” Oyedepo, in a keynote address, described Nigeria as being “virtually at the brink of collapse” due to ongoing violence and expressed support for proposed US legislation to enhance accountability for terrorism-related atrocities. Former US Ambassador-at-large for International Religious Freedom, Sam Brownback, cautioned that Nigeria risks violent civil unrest if insecurity is not addressed. Human rights advocate Dr. Katrina Swett also advocated for greater US involvement in protecting religious freedom and supporting victims of extremist violence. Stephen Osemwegie, President of Save Nigeria Group USA, urged the US Congress to pass the Nigeria Religious Freedom and Accountability Act. The event, themed “Thank You, America,” concluded a week-long advocacy campaign focused on boosting international cooperation against terrorism. Former US President Donald Trump was honored at the gala with the 2026 Faith Defender Award for his administration's commitment to promoting religious freedom and combating terror