As of 2023, the majority of the population in Nigeria borrowed money from family and friends, with 26 percent of respondents between 18 and 35 years old opting for this source of borrowing. On the other hand, borrowing from a bank was the least attractive choice, with only two percent of the respondents in the same age group choosing this option.
Distribution of financial borrowing sources in Nigeria as of 2023, by age group
The questionnaire (in English), was translated into and administered in Hausa, Yoruba, Igbo and Pidgin English.
Data is nationally representative of adults in Nigeria across the country's 36 states and FCT Abuja.
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Efina. (December 13, 2023). Distribution of financial borrowing sources in Nigeria as of 2023, by age group [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/
Efina. "Distribution of financial borrowing sources in Nigeria as of 2023, by age group." Chart. December 13, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/
Efina. (2023). Distribution of financial borrowing sources in Nigeria as of 2023, by age group. Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/
Efina. "Distribution of Financial Borrowing Sources in Nigeria as of 2023, by Age Group." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/
Efina, Distribution of financial borrowing sources in Nigeria as of 2023, by age group Statista, https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/ (last visited December 22, 2024)
Distribution of financial borrowing sources in Nigeria as of 2023, by age group [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455958/sources-of-borrowing-in-nigeria-by-age-group/
