EFInA Survey Reveals Shift to Consumption Borrowing in Nigeria

The 2026 Access to Financial Services in Nigeria (A2F) Survey, conducted by Enhancing Financial Innovation & Access (EFInA) in collaboration with the National Bureau of Statistics (NBS), surveyed 18,679 adults across Nigeria. It indicates a structural shift in the country's credit ecosystem, with a rise in consumption borrowing and a decline in credit for farming and business.

Approximately 41% of formal borrowers used loans for coping and consumption, up from 31.7% in 2023, while borrowing for productive enterprise fell from 40.2% to 34.3%. The survey highlights that 45.8% of formal credit users reported repayment stress, and 83.8% faced ongoing financial stress.

The findings suggest that many Nigerians are borrowing primarily for essential needs such as rent, school fees, and medical bills, reflecting low savings and disposable income. Central Bank of Nigeria Governor Mr. Olayemi Cardoso noted that inflation is a significant barrier to financial inclusion, eroding purchasing power and increasing borrowing costs.