In 2023, family and friends were the main sources of borrowing for urban and rural dwellers in Nigeria. The share of the population resorting to this borrowing channel reached 21 percent among the urban population and 27 percent among rural residents. Moreover, borrowing from non-bank financial institutions was less popular, with three percent of people living in urban areas and one percent of individuals in rural areas choosing this option.
Distribution of sources of financial borrowing in Nigeria as of 2023, by area of residence
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 sources of financial borrowing in Nigeria as of 2023, by area of residence [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/
Efina. "Distribution of sources of financial borrowing in Nigeria as of 2023, by area of residence." Chart. December 13, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/
Efina. (2023). Distribution of sources of financial borrowing in Nigeria as of 2023, by area of residence. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/
Efina. "Distribution of Sources of Financial Borrowing in Nigeria as of 2023, by Area of Residence." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/
Efina, Distribution of sources of financial borrowing in Nigeria as of 2023, by area of residence Statista, https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/ (last visited November 21, 2024)
Distribution of sources of financial borrowing in Nigeria as of 2023, by area of residence [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455974/sources-of-borrowing-in-nigeria-by-area-of-residence/
