Nigerians borrowed a total of N4.82 trillion from banks between January and March this year.
This is according to the First Quarter 2024 Economic Report published by the Central Bank of Nigeria (CBN).
According to the report, consumer credit outstanding in Nigeria rose by 268.9 per cent to N8.24 trillion by the end of March 2024, from N3.42 trillion in December 2023.
The report indicated that the surge in consumer credit was primarily driven by a significant rise in both personal and retail loans.
It, however, showed that personal loans constitute the largest portion of consumer credit, rising by 270.4 per cent to N7.52 trillion by the end of March 2024.
Retail loans also recorded a significant increase of 253.4 per cent N721.13 billion in the review period.
The debt growth indicates a heightened reliance on credit to manage personal finances, with personal loans accounting for a dominant 91.2% share of total consumer credit.
“As a proportion of total sectoral credit, consumer credit increased to 15.5 per cent, from 7.7 per cent in end-December 2023,” the report read.
