Report: Nigerians Turning to Survival Loans as Consumption Borrowing Jumps
Only 25% of Nigerian adults classified as financially healthy 45.8% of formal borrowers report repayment stress Emmanuel Addeh in Abuja A new survey has found that Nigerians are increasingly turning to
A recent survey conducted by EFInA reveals a significant shift in how Nigerians are utilizing formal credit, with consumption and coping-related loans surging from 31.7% in 2023 to 40.8% in 2026. This increase, amounting to 9.1 percentage points, is accompanied by a decline in borrowing for productive enterprises and household assets.
The study indicates that formal financial inclusion has risen from 64% of adults in 2023 to 73% in 2026, with formal credit also expanding from 6% to 10% of adults. Despite this growth, only 25% of Nigerian adults are considered financially healthy, and 45.8% of those with formal credit report repayment stress. The analysis highlights that while access to financial services has expanded, it has not necessarily led to improved financial security, as 70.1% of formally included adults still experience ongoing financial or welfare distress.
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