As of 2023, borrowing money from family and friends was the main borrowing source in Nigeria, regardless of economic status. On the other hand, borrowing from banks or non-bank financial institutions was the least popular choice.
Share of sources of financial borrowing in Nigeria as of 2023, by economic status
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). Share of sources of financial borrowing in Nigeria as of 2023, by economic status [Graph]. In Statista. Retrieved November 05, 2024, from https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/
Efina. "Share of sources of financial borrowing in Nigeria as of 2023, by economic status." Chart. December 13, 2023. Statista. Accessed November 05, 2024. https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/
Efina. (2023). Share of sources of financial borrowing in Nigeria as of 2023, by economic status. Statista. Statista Inc.. Accessed: November 05, 2024. https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/
Efina. "Share of Sources of Financial Borrowing in Nigeria as of 2023, by Economic Status." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/
Efina, Share of sources of financial borrowing in Nigeria as of 2023, by economic status Statista, https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/ (last visited November 05, 2024)
Share of sources of financial borrowing in Nigeria as of 2023, by economic status [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455997/sources-of-borrowing-in-nigeria-by-economic-status/
