As of 2023, obtaining money from family and friends was the main source of borrowing in Nigeria, with 24 percent of the adult population choosing this option. On the other hand, borrowing from banks and other formal non-bank institutions was the least popular choice among the population.
Distribution of financial borrowing in Nigeria as of 2023, by source
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 borrowing in Nigeria as of 2023, by source [Graph]. In Statista. Retrieved November 05, 2024, from https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/
Efina. "Distribution of financial borrowing in Nigeria as of 2023, by source." Chart. December 13, 2023. Statista. Accessed November 05, 2024. https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/
Efina. (2023). Distribution of financial borrowing in Nigeria as of 2023, by source. Statista. Statista Inc.. Accessed: November 05, 2024. https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/
Efina. "Distribution of Financial Borrowing in Nigeria as of 2023, by Source." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/
Efina, Distribution of financial borrowing in Nigeria as of 2023, by source Statista, https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/ (last visited November 05, 2024)
Distribution of financial borrowing in Nigeria as of 2023, by source [Graph], Efina, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1455998/distribution-of-sources-of-financial-borrowing-in-nigeria/
