A new survey by Enhancing Financial Inclusion and Advancement (EFInA) found that Nigerians are increasingly turning to formal credit for everyday consumption and coping with financial pressures, rather than for business expansion or productive capacity. The 2026 Access to Financial Services in Nigeria (A2F) Survey showed that the proportion of formal borrowers taking loans for coping and consumption jumped from 31.7 per cent in 2023 to 40.8 per cent in 2026, a 9.1 percentage point increase. Over the same period, borrowing for productive enterprises fell from 40.2 per cent to 34.3 per cent, and loans for household assets declined from 25.2 per cent to 23.4 per cent. Only 25 per cent of Nigerian adults were classified as financially healthy, and 45.8 per cent of formal borrowers reported repayment stress.
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