Nigerians are increasingly borrowing from banks and other formal lenders to meet consumption and coping needs rather than invest in businesses, according to the 2026 Access to Financial Services in Nigeria (A2F) Survey.

The survey by Enhancing Financial Innovation and Access (EFInA) showed that 40.8 per cent of formal borrowers used loans mainly for consumption and coping needs in 2026, up from 31.7 per cent in 2023.

In contrast, the share of borrowers using formal loans for productive enterprises fell to 34.3 per cent from 40.2 per cent, while borrowing for household assets declined to 23.4 per cent from 25.2 per cent over the same period.

The survey, which covered 18,679 adults across the 36 states and the Federal Capital Territory between April and June 2026, was conducted with oversight from the National Bureau of Statistics (NBS).

Despite the shift in the purpose of borrowing, formal credit uptake increased to 10 per cent of adults in 2026 from six per cent in 2023, putting about 11.9 million Nigerians on the books of regulated lenders.

When informal sources are included, 36 per cent of adults now have access to some form of credit.

Credit uptake among the informally employed tripled to 15 per cent from five per cent, while borrowing among young adults aged 18 to 35 rose to 10 per cent from four per cent.
Among farmers, credit uptake doubled to six per cent.

However, increased access has not eased financial pressure for many borrowers, with 45.8 per cent of formal borrowers reporting repayment difficulties and 83.8 per cent saying they remained under financial strain.

Overall financial inclusion rose to 79 per cent, representing about 94.2 million adults, while formal financial inclusion stood at 73 per cent.

EFInA said only about one in four adults was financially healthy.

EFInA Chief Executive Officer, Foyinsolami Akinjayeju, said access to financial services could no longer be the sole measure of progress, stressing the need to assess whether financial services were improving the financial well-being of households.

She said the findings showed the need for a stronger focus on the outcomes of financial inclusion rather than access alone.