Report: Four of Ten Nigerians in Debt

Omolabake  Fasogbon

A new report by indigenous fintech platform, Piggy Vest has revealed that four out of 10 Nigerians are in one kind of debt or the other.

The report disclosed further that 26 per cent of those in debt were indebted to different loan apps spread across the country.

Discussing findings of the report at a Finance Roundtable in Lagos, recently, Co-founder and COO of PiggyVest, Odun Eweniyi, further decried growing wealth divide among Nigerians, saying it was inimical to economic growth. 

According to her, the new report captures the attitude of different demographics in the country viz- a-viz their savings and spending habits, debt management, and future financial plans. 

She charged government to harness right collaborations to bridge growing wealth divide among Nigerians as to enhance economic development. 

She informed further that expectations were high of loan and credit support facilities to constantly embrace innovations as part of efforts to bridge wealth gap. 

She said, “We must also know that while innovation is key, it cannot go far without social interventions for the people. 

This is why government must as much as possible explore collaboration with private sector to improve the living conditions of Nigerians and also drive financial literacy and inclusion.” 

Eweniyi, emphasised savings before spending in order to avoid running into debt, adding however that the option of savings was still elusive to Nigerians who live below the poverty line of $2 per day dollars per day. 

She urged the government to focus on Nigerians at the bottom of the pyramid in its conversation as well as simplify access to public credit facilities to improve income status of average Nigerians. 

Also speaking at the occasion, Ekiti State Commissioner of Finance, Akintunde Oyebode,

decried absence of consumer data, affirming that efforts of Piggy vest was a step in right direction to bridge data gap. 

“The report contains incredible insight for those responsible for shaping monetary and fiscal policies at national and even sub-national levels; it also provides very useful analyses for companies operating across various sectors of the economy, he said.