06
DEBT
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More than 15% of Nigerians in debt owe ₦1 million or more.
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Almost 4 in 10 Nigerians are in debt.
We asked Nigerians if they are currently in debt.
Over a third of Nigerians (36%) report being in debt, with Generation X and Millennial Nigerians being the most likely to be in debt.
We asked Nigerians who they are indebted to.
Friends or family members (43%)
A loan app (26%)
A bank (24%)
Other (7%)
“The wide gap between what people need and what they can acquire with their income has led to Nigerians’ debt situation.”
- Nchedolisa Akuma,Senior Fintech Analyst, Stears