People 15 Years and Over Borrowing from a Financial Institution in the Past Year for Nigeria
DDAI07NGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.40
Year-over-Year Change
209.87%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and older in Nigeria who borrowed from a financial institution in the past year. It provides insights into financial inclusion and access to credit within the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'People 15 Years and Over Borrowing from a Financial Institution in the Past Year' statistic represents the share of the adult population in Nigeria that utilized formal lending services over a 12-month period. This indicator is used by economists and policymakers to assess financial development and inclusion within the country.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This trend is relevant for understanding Nigeria's financial sector development and identifying barriers to credit access.
Key Facts
- Nigeria's borrowing rate from financial institutions was 44.1% in 2021.
- Credit access remains a challenge, with large gender and income disparities.
- Improving financial inclusion is a key policy goal in Nigeria.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the adult population in Nigeria (ages 15 and older) who reported borrowing from a financial institution in the past year.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into financial inclusion and access to credit within Nigeria, which are important for assessing the development of the country's financial sector and identifying barriers to credit access.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to understand Nigeria's financial sector development and inform policies aimed at improving financial inclusion and expanding access to credit.
Q: Are there update delays or limitations?
A: The data is updated periodically by the World Bank, but there may be some delay between the survey collection and the availability of the published statistics.
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Citation
U.S. Federal Reserve, People 15 Years and Over Borrowing from a Financial Institution in the Past Year for Nigeria (DDAI07NGA156NWDB), retrieved from FRED.