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.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Efina. (December 13, 2023). Share of sources of financial borrowing in Nigeria as of 2023, by economic status [Graph]. In Statista. Retrieved November 23, 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 23, 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 23, 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 23, 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/
