Credit to Nigeria’s private sector saw a significant increase of 38% year-on-year in June 2024, reaching N73.12 trillion, up from N52.81 trillion in June 2023.
This rise reflects banks’ ongoing efforts to support economic growth through lending to businesses and individuals.
However, there was a slight month-on-month decline of 1.6% from May 2024, when credit was at N74.31 trillion.
This minor decrease might be due to seasonal factors or cautious lending practices.
In contrast, credit to the government fell by 10.2% year-on-year to N28.05 trillion in June 2024, indicating a deliberate reduction in borrowing to manage debt levels.
The month-on-month decline was also modest at 1.1%.
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