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Nigerians Take N4trn Loans in January as Inflation Bites

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By Adedapo Adesanya In January 2024, Nigerians’ consumer credit increased by 12 per cent to almost N4 trillion as citizens resorted to loans to contend with a high cost of living. This was disclosed by the Central Bank of Nigeria (CBN) in its latest monthly economic report which put that the total consumer credit outstanding increased to N3,823 billion (N3.823) trillion in January 2024. The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 per cent to N3.028 trillion from N2.649 trillion in December 2023. Retail loans rose by 4 per cent to N795

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