Share of sources of borrowing in Nigeria 2023, by area of residence
In 2023, family and friends were the main sources of borrowing for urban and rural dwellers in Nigeria. The share of the population resorting to this borrowing channel reached 21 percent among the urban population and 27 percent among rural residents. Moreover, borrowing from non-bank financial institutions was less popular, with three percent of people living in urban areas and one percent of individuals in rural areas choosing this option.