The Central Bank of Nigeria (CBN) reports that Credit to the Private Sector (CPS) decreased by approximately 3% in October 2024, falling from N75.83 trillion to N73.95 trillion. This decline represents a reduction of N1.8 trillion in financial resources provided to private businesses through loans, securities purchases, and trade credits.

Despite the monthly decline, the October 2024 figure remains 15% higher than the N63.5 trillion recorded in October 2023, indicating overall growth in private sector financing year-over-year. The credit volume has fluctuated between N73-74 trillion throughout the third quarter of 2024.

The year began strongly with private sector credit reaching N76.4 trillion in January, climbing to N80.8 trillion in February. However, March saw a sharp decline to N71.2 trillion, followed by fluctuations through subsequent months. By October, the figure had settled at N73.94 trillion.

Analysts attribute the recent decline to the CBN's tighter monetary policy, particularly the increased Monetary Policy Rate (MPR) of 27.5%, implemented to combat inflation. Despite these challenges, experts have praised the resilience of Nigeria's financial system and banking sector throughout 2024.​​​​​​​​​​​​​​​​