This impressive increase follows an aggressive push by the Central Bank of Nigeria (CBN) to compel banks to become less averse to credit expansion as the country struggles to fight back the impact of two quick economic contractions and the slowdown associated with the still raging covid pandemic.
There is something to cheer in the news that the total lending to the private sector in Africa’s largest economy increased by just under 10 per cent in the year ending July to N33 trillion or about $8 billion.
This impressive increase follows an aggressive push by the Central Bank of Nigeria (C
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