How Nigerians Are Borrowing To Survive Amid Economic Hardship

In Nigeria today, more people are no longer borrowing to expand businesses or buy luxury items they are borrowing simply to survive. From food to rent, transportation to school fees, millions of Nigerians are increasingly relying on loans, credit and borrowing just to make it through the month. 

A recent report says only six per cent of Nigerians now feel financially secure, while many households remain trapped between rising costs and shrinking income. So, how did survival become this difficult for many Nigerians? And what does this say about the country’s economic reality?

 Today on Nigeria Daily, we examine why more Nigerians are borrowing just to stay afloat.