The Central Bank of Nigeria published its Q3 2026 Credit Conditions Survey report, showing that lenders reported increased credit availability and demand across secured, unsecured and corporate lending. Loan approval proportions rose from the previous quarter, while default rates declined across these categories. Lending spreads relative to the Monetary Policy Rate widened for secured and corporate loans but remained unchanged for unsecured lending.
Credit availability recorded net survey balances of 5.5 points for secured lending, 18.9 for unsecured lending and 24.3 for corporate lending. These balances reflect lenders’ responses weighted by their credit market shares, rather than changes in lending volumes. Changes in the economic outlook and liquidity positions supported secured credit supply, while market share objectives contributed to increased availability of both secured and unsecured credit. Corporate credit supply was driven mainly by changes in risk appetite, sector risks and market share objectives.
Inventory finance was the principal contributor to increased corporate credit demand, with balance sheet restructuring and capital investment also contributing. Household demand rose for secured consumer loans and house purchases, as well as unsecured overdrafts and personal loans.