Nigerians borrow N3.82tn from banks amid hardship

82 trillion in January 2024 from N2.648 trillion in December 2023. On a year-on-year basis, the figure represented an increase of N1.41 trillion from N2.41tn recorded in January 2023. It noted also that retail loans rose by 3.6 percent to N794.79 billion in the period of review. The figure further indicated that personal loans accounted for 7 for 9.2 percent of consumer credit. 'Total consumer credit outstanding increased by 11.9 percent to N3.

648tn in December 2023, while retail loans rose by 3.6 percent to N794.79 billion. 'Personal loans accounted for 79.2 percent of consumer credit, while retail loans accounted for 20.8 percent. Consumer credit, as a share of total credit from ODCs, however, declined to 6.6 percent, from 7.7 percent in the preceding month,” it revealed. The development is not unconnected to the rising cost of living due to the soaring inflation in Nigeria.

Source: Loan Digest (loandigest.net)

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