Nigerians borrow N3.9tn as economic crisis bites harder

According to the Central Bank of Nigeria, Nigerians affected by the rising cost of living obtained credit facilities worth N3.82tn from banks as of January 2024, with an analysis of the latest monthly economic report posted on its website revealing that the total consumer credit rose by 11.9 per cent to N3.82tn in January 2024.
On a year-on-year basis, the figure represented an increase of N1.41tn from N2.41tn recorded in January 2023, as the CBN also added that personal loans increased by 14.3 per cent to N3.028tn from N2.648tn in December 2023, while retail loans rose by 3.6 per cent to N794.79bn.
Personal loans also accounted for 79.2 per cent of consumer credit, while retail loans accounted for 20.8 per cent highlighting Nigerians’ struggle with unwavering inflation and waning purchasing power.
The apex bank further stated that total credit extended to key sectors of the economy increased by N13.22bn or 29.7 per cent to N57.76bn, compared with N44.54bn in the preceding month.