Nigeria's credit market sees increased debtor registrations in Q1 2026, but significant drop from Q4 2025 peak

However, this figure represents an 88.5 percent decrease compared to the average of 83,370 debtors in the fourth quarter of 2025. Data from the Central Bank of Nigeria's Quarterly Statistics, sourced from the National Collateral Registry, indicates that individual debtors accounted for the largest share, averaging 8,409 in Q1 2026, up 54.1 percent from Q1 2025. Business debtors also saw increases year-on-year, with large businesses up 272 percent and micro-businesses up 42.4 percent, though small businesses experienced a 31 percent decline.

Despite these year-on-year improvements, all business categories remained significantly below their Q4 2025 peaks. Creditors followed a similar pattern, increasing 52.2 percent year-on-year in Q1 2026 but falling 88.5 percent from Q4 2025. The Nigerian Economic Summit Group noted that while monetary easing supported credit expansion, lending remains concentrated, with services dominating bank credit at 58.4 percent in H1 2026.

Analysts like Dr. Muda Yusuf of the Centre for the Promotion of Private Enterprise highlighted that high interest rates and operational costs continue to constrain private sector investment and credit access, particularly for manufacturing, agriculture, and MSMEs.