ISSUES IN BORROWING FOR CONSUMPTION  

The 2026 Access to Financial Services in Nigeria (A2F) Survey, conducted by EFInA and the National Bureau of Statistics, revealed a significant shift in borrowing behaviour. The survey covered 18,679 adults across Nigeria and found an increase in consumption borrowing alongside a decrease in credit for farming, business, or capital expenditure. It also reported that 45.8% of formal credit users experienced repayment stress, while 83.8% faced ongoing financial stress. The findings indicate a rise in borrowing for personal needs rather than business purposes.

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