The number of debtors backed by movable assets owing financial institutions in Nigeria declined significantly from 2017 to 2018.

Key takeaways:

  • The number of collateral-backed debtors fell by almost 50% from 2017 to 2018
  • The number of debtors began increasing consistently from 2019 to 2021
  • The highest post-2018 debt level was recorded in 2023, reaching 7,390, which is close to pre-2018 figures.
  • The decline in 2018 could indicate cautious borrowing or stricter regulations, while the rise afterward suggests a possible easing of credit access.

In 2017, the number of debtors backed by movable assets owing financial institutions stood at 8,338, but this figure plummeted drastically in 2018 to 4,273. Following this decline, the trend reversed, and the number of debtors rose steadily between 2019 and 2021, climbing back to 7,310. However, from 2021 to 2024, the numbers were unstable, rising and falling slightly.

Debtors include individual debtors, Large Businesses, Medium Businesses, Micro Businesses, and Small Businesses.

Source:

Central Bank of Nigeria (CBN)

Period:

2017 - 2024
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