The Central Bank of Nigeria (CBN) has revealed that Nigerians secured personal loans amounting to N470 billion from banks within the last three months of 2024.
This was disclosed in the Fourth Quarter 2024 Economic Report released by the apex bank.
The report indicated that personal loans increased significantly by 21.27%, reaching N3.82 trillion compared to the N3.15 trillion reported at the end of the preceding quarter.
This surge in personal loan accounts for the bulk of the consumer credit growth recorded within the period.
However, while personal loans saw a remarkable increase, retail loans declined by 18.18% to N0.90 trillion from N1.10 trillion at the end of September 2024.
