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The Business NG - July 05, 2024

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Nigerians Groan Under Loan Burden as Economic Hardship Deepens

As the cost of living continues to soar, Nigerians are increasingly seeking loans to finance their daily expenses, leading to a 14.3% jump in personal loans in January 2024. The total consumer credit increased by 11.9% to N3.82 trillion, driven mainly by personal loans, which accounted for 79.2% of consumer credit. While fintech companies are capitalizing on the trend, traditional banks are also promoting their loan offerings to stay competitive. However, analysts have raised concerns about the sustainability of the debt amid economic uncertainty, urging caution and transparency in the lending process.

The Business NG Description:

出版社: Tuns-Media-&-Comm-Enterprise

カテゴリ: Newspaper

言語: English

頻度: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level