CBN Pegs Net Loans To Nigeria's Economy At N64 Trillion

Credit to the Nigerian economy has risen to N64.22 trillion in November 2022, which indicates a 1.16 per cent increase compared to N63.48 trillion recorded as of the previous month, according to the data released by the Central Bank of Nigeria (CBN).

On a year-to-date basis, the total credit to the Nigerian economy (government and private sector) rose by a massive N15.48 trillion between January and November 2022.

According to the data, as of November 2022, credit to the government stood at N22.64 trillion while credit to the private sector was N41.58 trillion, representing 35% and 65% of the total credit to the economy, respectively.

During the period under review, credit to the government increased by N8.79 trillion, from N13.84 trillion recorded as of December 2021 to N22.64 trillion, which represents a 63.6% increase in eleven months.

On the other hand, credit to the private sector increased by N6.66 trillion between January and November 2022 to stand at N41.58 trillion, a 19.1% increase year to date.