Nigerias Private Sector Debt Soars to N76 trillion Amid Rising Interest Rates

Private sector debt in Nigeria has reached N76 trillion as borrowing from banks surged to N1.89 trillion in November 2024, driven by soaring interest rates.

Nigeria's private sector has significantly increased its debt to banks, with borrowing reaching a total of N76 trillion as of November 2024, according to recent data. The latest figures show an additional N1.89 trillion was borrowed in the past month alone, bringing the overall credit to N75.96 trillion. This marks a notable increase from the previous period's N74.07 trillion and highlights the growing financial strain on private sector companies due to soaring interest rates. The total debt now stands at N76 trillion.