Nigerians are increasingly borrowing to build houses — CBN

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·Other lendings rise, lenders report low default rates

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By Elizabeth Adegbesan

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Credit for house purchase by households increased to 9.6 index points in the second quarter of 2026 (Q2’26), indicating that Nigerians are intensively borrowing to purchase personal houses.

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The Central Bank of Nigeria, CBN, disclosed this yesterday in its Credit Condition Survey Report for Q2’26 noting that lenders indicated increasei n credit availability for secured, unsecured, and corporate lending during the period.

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The apex bank also noted that lenders reported lower default rates in Q2’26.

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“Respondents reported that credit demand increased to 15.1 index points for secured lending and 15.2 index points for corporate lending, while unsecured lending remained subdued at -1.2 index points.

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“Consumer loans to households increased (11.2), credit for house purchase to households increased (9.6), lending for small businesses to households increased (26.4).

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“Mortgage/re-mortgage lending from Households increased (13.3).”

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On unsecured lending, CBN noted that overdraft/ personal loans to households increased to 7.9 index points but credit cards lending from households decreased to -2.0 index point.

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On corporate lending, the apex bank mentioned that lending to small businesses, Medium Private Non-Financial Corporations (PNFCs) and Large PNFCs increased to 26.5, 25.5 and 8.9 index points reapectively.

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However, credit to Other Financial Corporations, OFCs , remained unchanged at 0.0 index point. CBN added: “Lenders reported a decline in default rates across secured and unsecured lending, as well as across all corporate lending categories, including small businesses, Medium PNFCs, Large PNFCs, and OFCs.”

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