Nigerian consumers, firms feel pinch as credit slows

By Chijioke Ohuocha

LAGOS, May 28 (Reuters) - Nigerian banks have tightened lending criteria for retail and corporate clients, pushing up the cost of doing business in Africa's most populous nation and causing consumer spending to slow, traders and economists say.

Banking sector credit to the private sector grew just 0.3 percent to around 8 billion naira ($55 million) in the first quarter of the year, according to central bank figures, compared to around 25 percent ...