Nigerian Lending Slows as Battered Economy Dents Demand

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Nigerian Lending Slows as Battered Economy Dents Demand

Nigeria’s private-sector credit growth slowed in November to the lowest level since April, when the measure shrank by a record 61%. A slump in oil prices and the second annual contraction in Africa’s biggest economy in four years is weighing on demand even after two interest-rate cuts in 2020. Banks are reluctant to extend credit, fearing non-performing loans will increase after restructuring piles of debt owed by their customers.

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