The Central Bank of Nigeria released its Q2 2025 Credit Conditions Survey, summarising lenders’ responses on changes in credit supply, demand, pricing and defaults across secured, unsecured and corporate lending. The survey results point to increased credit availability across all three lending categories, with demand rising for secured and corporate lending but declining for unsecured lending. The reported increase in credit availability was linked to the changing economic outlook for secured and corporate lending, while changing appetite for risk was cited as the main factor for unsecured credit availability. Demand increased across most lending types, with exceptions including lower demand for secured mortgage or remortgage lending and unsecured credit card lending by households, while inventory finance was identified as a key driver of stronger corporate credit demand. Lenders reported a higher proportion of loan approvals for secured, unsecured and corporate lending; spreads on secured and unsecured household lending rates relative to the Monetary Policy Rate widened, while corporate loan spreads relative to the Monetary Policy Rate narrowed across business types. Default rates were reported to have increased for secured and unsecured lending and across corporate segments including small businesses, medium and large private non-financial corporations, and other financial corporations; the report notes that findings reflect respondents’ views and are compiled using market-share-weighted net percentage balances scaled within ±100.

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