A recent report by the Central Bank of Nigeria indicates that between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn in 2021 to N35.7 trillion.
The CBN in its Money and Credit shows that credit to the private sector stood at N30.6tn during the first month of 2021.
A close analysis of the monthly credit value shows a continuous increase throughout the year, except for February when credit to the sector dropped by N100bn. The figure fell to N30.5tn from the N30.6tn recorded in January.
However, bank lending to the private sector rose to N31.4tn in March, further to N31.9tn in April, N32.1tn in May, and N32.6tn in June.
The climb continued in July as credit to the sector rose to N32.8tn. It increased to N33.4tn in August, N34.39tn in September, N35.3tn in October and N35.7tn in November.