The number of registered debtors in Nigeria rose sharply in the first three months of 2026, with data from the Central Bank of Nigeria showing a 52.2 per cent year-on-year increase in registrations. The surge points to growing lending activity across banks and other financial institutions in the period under review.
According to the CBN’s Quarterly Statistics Report, which draws from the National Collateral Registry, the quarterly average stood at 9,611 registered debtors in Q1 2026. This is up from an average of 6,313 recorded in the same quarter of 2025. The registry tracks borrowers who pledge movable assets as collateral for loans.
A month by month breakdown shows a steady climb within the quarter. Registrations started at 7,143 in January, rose to 9,786 in February, and hit 11,904 in March 2026. The consistent monthly growth suggests lenders were increasingly relying on collateralised lending to extend credit to individuals and businesses.
Despite the yearly gain, the first-quarter numbers represent a sharp drop compared to the last quarter of 2025. In Q4 2025, the monthly average of registered debtors reached an unusually high 83,370. That figure far outpaced both Q1 2025 and Q1 2026, indicating a possible one-off surge in lending or policy-driven registrations at year-end.
The National Collateral Registry was set up to improve access to credit by allowing borrowers to use assets such as vehicles, equipment and inventory as security. An increase in registrations is generally interpreted as a sign that more lenders are formalising loans and that more borrowers are seeking secured credit rather than unsecured facilities.
Financial analysts note that the Q1 2026 rise aligns with efforts by banks to de-risk lending amid ongoing efforts to expand credit to the real sector. With inflationary pressures easing slightly and the CBN maintaining focus on credit flow, many institutions have turned to the registry to perfect security interests and improve loan recovery prospects.
The decline from Q4 2025 levels, however, raises questions about what drove the spike at year-end. Some industry observers link the Q4 figure to bulk registrations by lenders clearing backlogs ahead of regulatory reporting deadlines. Others point to seasonal loan disbursements and government intervention programmes that peaked in the final quarter.
Going forward, stakeholders expect registrations to remain on an upward trend if credit demand continues and lenders sustain the use of movable collateral. The CBN has said deepening the collateral registry system is key to financial inclusion and reducing the risk premium on loans. The next quarterly report will show whether Q1’s growth marks the start of a steadier credit cycle in 2026.
