The SARS-CoV-2 global pandemic has triggered an extraordinary challenge across all sectors of the economy, significantly affecting banks' loan portfolios. A collapse in economic activity that results from the COVID-19 containment measures and macroeconomic instability has increased the unemployment rates in most Sub-Saharan African countries. The massive disruption to borrowers and potentially their capacity to support debt obligations coupled with government stimulus and regulatory guidance focused on borrower relief is challenging the risk management models of most banks in Nigeria. Banks face the prospects of a massive drawdown of committed credit lines and facilities, particularly from firms in vulnerable sectors directly affected by the lockdowns. This presentation describes the essential elements of dynamic credit risk management and outlines actions that lending institutions can take to build a robust credit risk management system.