Nigeria’s consumer credit outstanding contracted by 19.89% to N3.78 trillion in 2025, marking the first decline since 2019, according to the Central Bank of Nigeria. The apex bank attributed this reduction to a challenging, high-interest rate environment. Notably, the composition of the credit market shifted significantly: retail loans surged by 63.77% to N1.94 trillion, surpassing personal loans, which saw a sharp decline to N1.85 trillion. Overall, consumer credit now accounts for 6.60% of total private sector credit.