Based on a study conducted in 2023, borrowing money from family and friends was the main borrowing source in Nigeria, with 26 percent of men and 22 percent of women opting for this option. Borrowing from non-bank financial institutions was less common, with two percent of men and two percent of women choosing this option.
Distribution of financial sources of borrowing in Nigeria as of 2023, by gender
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 sources of borrowing in Nigeria as of 2023, by gender [Graph]. In Statista. Retrieved November 05, 2024, from https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/
Efina. "Distribution of financial sources of borrowing in Nigeria as of 2023, by gender." Chart. December 13, 2023. Statista. Accessed November 05, 2024. https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/
Efina. (2023). Distribution of financial sources of borrowing in Nigeria as of 2023, by gender. Statista. Statista Inc.. Accessed: November 05, 2024. https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/
Efina. "Distribution of Financial Sources of Borrowing in Nigeria as of 2023, by Gender." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/
Efina, Distribution of financial sources of borrowing in Nigeria as of 2023, by gender Statista, https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/ (last visited November 05, 2024)
Distribution of financial sources of borrowing in Nigeria as of 2023, by gender [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455971/sources-of-borrowing-in-nigeria-by-gender/
