1m applicants seek N1.3tr Consumer Credit Loan

More than one million applicants have made a cumulative N1.3trillion loan request from Nigerian Consumer Credit Corporation .

The report added that the ‘’EOI process also served as an organic nationwide survey to understand Nigerians’ personal economics and credit needs.” The demand for consumer credit spans a diverse range of needs, with the top categories being small business loans, representing 18 percent, home purchases, 15 percent, vehicle acquisitions 10 percent, and personal/household expenses 16 percent.

It said within the occupational groups, civil servants stood out with a particularly strong demand for home purchases, while students account for over 58 percent of the credit requests for school fees, adding that entrepreneurs and skilled tradespeople, on the other hand, show a robust appetite for discretionary business-related credit.

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