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.
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.
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.
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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.
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 definitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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