Over 1.1 million Nigerians have eagerly submitted their Expression of Interest (EOI) for consumer credit worth more than N1.28 trillion in just one week, from April 24 to May 1, 2024.
This was disclosed in a fresh report released by the Nigerian Consumer Credit Corporation (CrediCorp).
Just two weeks after President Bola Tinubu approved the launch of the initial phase of the Consumer Credit Scheme in Nigeria, the response has been nothing short of astounding.
Delving into the breakdown, as of May 1, the requests poured in from all corners of the nation, spanning 36 states and the Federal Capital Territory (FCT), covering 723 out of 774 Local Government Areas.
On average, each request amounted to a substantial N1.115 million.
A fascinating detail revealed by the report is the gender distribution, with 74 percent of submissions coming from male applicants and 26 percent from female applicants.
Drilling down further, the requests encompassed a diverse range of needs: 18 percent sought business loans for small enterprises, 16 percent for personal or household expenses, and another 16 percent for school fees. Interestingly, 15 percent were aimed at purchasing a house, while 120,936 sought funds to acquire a vehicle.
Additional needs included financing for appliances, house rentals, medical bills, and existing debts. Moreover, a portion of the requests was earmarked for weddings, utilities, and travels.
The report offers intriguing insights, suggesting a nationwide demand for consumer credit and shedding light on the diverse economic needs of Nigerians.
It also highlights the potential for productive credit utilization, particularly for entrepreneurial endeavors, alongside significant demand for housing, transportation, and education expenses.
The report stated: “In one week, over 1 million Nigerians submitted Expressions of Interest (EOI) to CREDICORP for consumer credit. This EOI process also served as an organic nationwide survey to understand Nigerians’ personal economics and credit needs. Valuable insights are summarized in this report.
“There is evident nationwide demand for consumer credit (¦ 1.3 trillion in one week), with online submissions from 85% of LGAs. There seems a strong bias towards men – although subsequent rounds of submission (including field/offline) may reveal otherwise.
“There is large demand for productive consumer credit to be spent on enterprise. We also see significant demand for homes, vehicles, school fees, household expenses.
“Credit needs do not vary widely across genders and age. There is however a slight bias for household expenses amongst women, and home and vehicle purchases among men. As expected, school fees are a major need for credit for respondents below 35.”
As the data unfolds, it provides a compelling snapshot of Nigeria’s economic landscape and the pressing credit requirements across various sectors of society.
