Nigerians are increasingly borrowing to build houses — CBN

·Other lendings rise, lenders report low default rates

By Elizabeth Adegbesan

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.

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.

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

“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.

“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).

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

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.

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.

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.”