PROSPECTS AND OPPORTUNITIES
Consumer lending will remain under pressure
Demand for consumer credit will be hampered by Nigeria’s challenging economic conditions leading to declines in gross lending in constant value terms. Mortgages will be most affected in the upcoming period.
Digitalisation will continue transforming the consumer credit industry
The forecast period is expected to be marked by innovations in digital lending, supported by government initiatives to modernise the payment landscape and improve financial inclusion. A prominent example is the Nigerian Central Bank's consideration of introducing a national identity card with dual functionality as a bank card.
Buy Now Pay Later payment solutions likely to expand
With the Nigerian retail landscape dominated by many small and independent traders, formal retail lending has historically been non-existent and limited to relationships built between traders and buyers, with lay buy being the most flexible form of payment available to shoppers. The growing appeal of Buy Now Pay Later services has created a new generation of services from retailers mainly within competitive categories like smartphones.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Consumer Credit in Nigeria report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Consumer Credit in Nigeria?
- What are the major trends key to understanding Consumer Credit in Nigeria?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Consumer Credit in Nigeria - Category analysis
KEY DATA FINDINGS
Consumer lending rises despite restrictive monetary policies
BNPL is changing the dynamics in other personal lending
More financial operators launch digital lending solutions
Consumer lending will remain under pressure
Digitalisation will continue transforming the consumer credit industry
Buy Now Pay Later payment solutions likely to expand
Consumer Lending in Nigeria - Industry Overview
Consumer lending in 2024: The big picture
Government expands initiatives to boost access to credit
BNPL is reshaping personal loan lending
What next for consumer lending?
DISCLAIMER
The following categories and subcategories are included:
Consumer Credit
- Auto Lending
- Card Lending
- Durables Lending
- Education Lending
- Home Lending
- Other Personal Lending
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Consumer Credit research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!