A recent study, Nigeria’s Credit Landscape Report 2025, has revealed a striking
paradox in the nation’s financial ecosystem, revealing that while more
Nigerians are becoming financially included, only about six per cent of adults
currently access credit through formal financial institutions.
Published by Credit Direct in June 2026, the report highlights that although
more than 64% of Nigerian adults are financially included, formal credit
penetration remains significantly low. Credit to the Nigerian private sector
stands at just 13.1% of GDP, well below peer African economies such as Kenya
and South Africa.
The findings point to persistent barriers to credit access for households,
entrepreneurs and small businesses, despite improving economic conditions and
growing business activity across key sectors of the economy.
The report also notes that Nigeria’s real sector recorded sustained expansion
throughout 2025, with manufacturing, services and agriculture posting positive
growth indicators, creating increased demand for working capital and business
financing.
Reacting to the findings, Mutual Benefits Assurance Plc said the report
reinforces the urgent need for a more holistic approach to financial inclusion,
one that combines access to finance with savings, insurance protection and
long-term financial planning.
The leading insurer noted that while access to credit remains important for
economic growth, financial protection mechanisms are equally essential in
helping individuals and businesses withstand economic shocks.
