According to an examination of the most recent monthly economic data available on its website, personal loans increased by 11.9 percent to N3.82 trillion in January 2024, primarily due to higher inflation.

Compared to January 2023, when N2.41tn was recorded, the data showed an increase of N1.41tn year over year.

It further stated that retail loans increased by 3.6% to N794.79 billion, while personal loans jumped by 14.3% to N3.028 trillion from N2.648 trillion in December 2023.

The fact that personal loans made up 79.2% of consumer credit and retail loans made up 20.8% shows how hard it is for Nigerians to overcome persistent inflation and declining buying power.

According to the research, “In January 2024, total consumer credit outstanding increased by 11.9% to N3.82 trillion, primarily due to an increase in personal loans as a result of higher inflation.” A breakdown of consumer credit showed that retail loans increased by 3.6% to N794.79 billion, while personal loans increased by 14.3% to N3.028 trillion from N2.648 trillion in December 2023. Retail loans made up 20.8 percent of consumer credit, but personal loans made up 79.2 percent. However, the percentage of consumer loans from ODCs fell to 6.6% from 7.7% in the previous month.