In a survey conducted in 2023, borrowing money from a bank was the least popular among different employment groups in Nigeria, except for individuals who were formally employed. Around 26 percent of the formally employed population opted for this source of borrowing while borrowing from family and friends was most common among farmers.
Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status
Characteristic
Formally employed
Informally employed
Business owners
Farmers
Dependents
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Efina. (December 13, 2023). Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/
Efina. "Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status." Chart. December 13, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/
Efina. (2023). Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/
Efina. "Distribution of Sources of Financial Borrowing in Nigeria as of 2023, by Employment Status." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/
Efina, Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status Statista, https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/ (last visited July 22, 2024)
Distribution of sources of financial borrowing in Nigeria as of 2023, by employment status [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455965/sources-of-borrowing-in-nigeria-by-employment-status/