Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS).
The headline inflation rate in June 2024 increased by 0.24% points in June when compared to the figure for May 2024.
Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation.
According to the apex bank’s latest monthly economic report, the total consumer credit outstanding increased to N3,823bn in January 2024.
The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 per cent to N3,028bn from N2,649bn in December 2023.
Retail loans rose by 4 per cent to N795bn, as personal loans accounted for 79 per cent of consumer credit, while retail loans accounted for 21 per cent.
Consumer credit, as a share of total credit from Online Data Capture Systems (ODCs), however, declined to about 7 per cent, from 8 per cent in the preceding month, the report added.
