Africa Business News

Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. The apex bank’s latest monthly economic report, says the total consumer credit outstanding increased to N3,823bn in January 2024. The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 per cent to N3,028bn from N2,649bn in December 2023. A study by SBM Intelligence found that 27 per cent of Nigerians across different income categories now resort to loan apps to keep up with their living expenses in the wake of record inflation.