A growing number of Nigerians are turning to credit facilities to secure their own homes, according to fresh data released by the Central Bank of Nigeria. The latest Credit Condition Survey for the second quarter of 2026 highlights a significant shift in household behavior, with credit specifically designated for house purchases rising to 9.6 index points. This suggests that despite broader economic pressures, the appetite for home ownership through financing remains robust.
CBN observed that this trend is part of a wider expansion in credit availability across the board. Lenders have reported a general increase in accessibility for secured, unsecured, and corporate loans during the same three-month period. Notably, this rise in borrowing has been accompanied by a positive trend in repayment behavior; financial institutions have reported a decline in default rates across nearly all categories, including both personal household loans and various corporate lending sectors.
When breaking down the specific areas of growth, the report indicates that consumer appetite is strong. Loans for small businesses, mortgage and re-mortgage activities, and general consumer loans all saw notable upticks. While the demand for unsecured lending—specifically credit cards—experienced a slight dip, personal loans and overdraft facilities managed to post gains.
The corporate sector mirrored this surge in activity. Lending to small businesses and medium private non-financial corporations saw some of the highest growth figures in the survey. While credit extended to other financial corporations remained flat for the quarter, the overall picture suggests a resilient credit market. For many Nigerians, these figures confirm that navigating the housing market and expanding small business operations are increasingly being managed through formal banking credit rather than cash-only transactions.
