Hardship: More Nigerians go for Loans to make ends meet (News Summary)



$134m AfDB loan will boost dry season farming, says minister   - The Nation Newspaper

Fireinthebone 27/11/23

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, said at the weekend that dry season farming offers Nigeria a unique opportunity to harness its untapped potential and diversify... The post $134m AfDB loan will boost dry season farming, says minister appeared first on The Nation Newspaper.

Second Loan Story

Consumer loans booked by banks rose by 34% year to year to N2K.64 trillion in the first half of the year 

Consumer loans booked by banks’ customers rose by 34 per cent, year-on-year, to N2.64 trillion in the first half of this year, H1’23, driven by increased demand from households compelled to depend more on borrowing to survive higher cost of living.

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The pressure on households’ income is coming from persistent increases in  prices of goods and services triggered by naira depreciation, food supply gap and other environment circumstances including insecurity. 

The National Bureau of Statistics, NBS, last week reported the 10th consecutive month rise in inflation rate to 27.33 percent for October 2023 while food inflation was reported at 31.52 percent.

The growth in consumer loans was also enhanced by measures deployed by banks including digital innovations and capabilities, simplified processes and minimal documentation, improved product design and flexibility, as well as increased publicity and customer engagements.

Financial Vanguard findings from the latest data in the Central Bank of Nigeria, CBN, showed that the 34 per cent, YoY growth recorded in H1’23 represents the highest in four years, since 2019, when the apex bank introduced measures to increase loans to the economy including the Loan-To-Deposit Ratio, LDR, of 65 per cent.  

According to the CBN Economic Report for the second quarter of the year, Q2’23, consumer loans rose to N2.64 trillion at the end of June, 2023, from N1.93 trillion at the end of June 2022. This represents N704 billion or 34 per cent year-on-year YoY growth during this period.  

The growth represents a 31 percentage points higher than  the 5.0 per cent, YoY growth recorded at the end of June 2022.  

Furthermore, consumer loans recorded quarter-on-quarter growth, QoQ of 12.2 per cent from N2.35 trillion at the end of Q1’23.  “Consumer credit improved owing to increased demand for personal loans and strengthened enforcement of the Loan-to-Deposit Ratio (LDR) policy,” the CBN said.


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