{
  "id": 12040538,
  "title": "Report: Nigerians Turning to Survival Loans as Consumption Borrowing Jumps",
  "url": "https://urgent.news/2026/10/05/report-nigerians-turning-to-survival-loans-as-consumption-borrowing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T00:53:54.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/05/report-nigerians-turning-to-survival-loans-as-consumption-borrowing-jumps/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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",
  "key_points": [
    "Consumption and coping loans rose from 31.7% to 40.8% in 2026",
    "Formal financial inclusion increased from 64% to 73% of adults",
    "Only 25% of Nigerian adults are financially healthy"
  ],
  "editors_take": "Rising consumption borrowing indicates Nigerians are using formal credit more for survival than investment, highlighting a gap between expanded financial access and actual financial security.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}