“Nigeria’s alternative lending market to grow by 45% to $212.9 million in 2023”- Report

The alternative lending market in Nigeria is expected to grow by 45.2% on an annual basis to reach $212.9 million in 2023.

This was according to Research and Markets (RM) Nigeria Alternative Lending Business Report 2023 seen by ThePressNG.

According to the report medium to long-term growth story of alternative lending in Nigeria remains strong.

Alternative lending adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.4% during 2023-2027.

The alternative lending market in the country will increase from $146.6 million in 2022 to reach $560.4 million by 2027.

The report noted that the global alternative lending market is expected to grow by 17.0% on an annual basis to reach $662.3 billion in 2023.

According to the report medium to long-term growth story of global alternative lending remains strong.

Alternative lending adoption is expected to grow steadily over the forecast period, recording a CAGR of 10.1% during 2023-2027.

The global alternative lending market will increase from $566.0 million in 2022 to reach $971.6 million by 2027.

The report noted that Africa-based alternative lending providers are raising funding rounds to launch new products and accelerate growth.

In Africa, small and medium-sized enterprises find it difficult to access credit through traditional channels.

As a result, alternative lending providers are in high demand among SMEs when it comes to access to credit. To serve the growing demand, firms are raising venture capital and private equity funding in Africa.