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Despite Nigeria’s economic frailties, available data from the Central Bank of Nigeria (CBN) has revealed that total credit to the Nigerian economy including the Federal Government and the private sector, rose to a whopping N15.48 trillion between January and November 2022.
According to the apex bank’s “Money and Credit” statistics, credit to the private sector economy surged to unprecedented levels in November 2022, reaching an all-time high of N64.22 trillion.
This represents an increase of 1.16 per cent compared to N63.48 trillion recorded in the previous month.
As of November 2022, banking sector loans to the government stood at N22.64 trillion, while credit to the private sector was N41.58 trillion, representing 35 per cent and 65 per cent of the total credit to the economy, respectively.
Meanwhile, analysis of the data showed that the increase in aggregate credit was largely driven by government sector.