Only 6% of Nigerian adults access formal credit, new report shows
By Aboki Forex —
A new report has exposed a major gap in Nigeria's financial system. Despite over 64% of adults being financially included, only about 6% access credit through formal institutions.
The Nigeria’s Credit Landscape Report 2025, published by Credit Direct, shows that credit to the private sector stands at just 13.1% of Gross Domestic Product. This is far below peer African economies like Kenya and South Africa.
The report points to persistent barriers for households, entrepreneurs and small businesses. These challenges remain even as the economy improves and business activity grows.
Nigeria's real sector recorded sustained expansion through 2025. Manufacturing, services and agriculture all posted positive growth. This has created increased demand for working capital and business financing.
Reacting to the findings, Mutual Benefits Assurance Plc said the report shows the need for a broader approach to financial inclusion. The insurer said access to credit must be combined with savings, insurance and long-term financial planning.
Financial protection mechanisms are just as important as credit access for economic growth, the company added.