Consumer credit in Nigeria saw growth in total gross lending and the overall outstanding balance slow substantially in current value terms in 2025. With the CBN keeping its benchmark interest rate at a historical peak of 27.5% for most of the year, the elevated cost of borrowing made consumers wary of taking on additional debt. Similarly cautious attitudes prevailed among banks as the March 2026 deadline for new minimum capitalisation rules approached and the increased risk of default was compou
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Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Consumer Credit in Nigeria report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Consumer Credit in Nigeria?
- What are the major trends key to understanding Consumer Credit in Nigeria?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Consumer Credit in Nigeria - Category analysis
KEY DATA FINDINGS
Demand for consumer credit slows as borrowing costs remain high
Digital lending boom brings greater default risk and regulatory scrutiny
CREDICORP develops new loan facility for retirees
AHA redefines BNPL with launch of medication-focused service
Further rate cuts and rising financial inclusion expected to lift demand
Improvements in credit reporting will continue to support growth
Adoption of BNPL for essential goods and services set to increase
Consumer Lending in Nigeria - Industry Overview
Tight monetary policy constrains expansion of consumer lending
KEY DATA FINDINGS
FCCPC increases regulatory oversight of digital lending
High interest rates curb demand for mortgages
Adoption of BNPL solutions continues to grow rapidly
Steady growth in gross lending and outstanding balance predicted
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Consumer Credit
- Auto Lending
- Card Lending
- Durables Lending
- Education Lending
- Home Lending
- Other Personal Lending
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Consumer Credit research and analysis database.
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