The private credit bureau coverage in Nigeria has shown a consistent upward trend from 2013 to 2023, starting at 4.9 units of adult population and reaching 15.6 units in 2023. Over the last two years, year-on-year variations indicate an increase of 4.2% in 2022 and 4.7% in 2023. The five-year compound annual growth rate (CAGR) for the period ending in 2023 is 7.24%. Significant fluctuations were observed, particularly in 2018 with a striking 41.03% increase and a decline in 2020 by 2.16%.

Future trends to watch for:

Projected steady growth with a five-year CAGR forecasted at 3.11%, resulting in a coverage of 19 units by 2028.
Potential impact of economic and regulatory changes on credit bureau operations and data inclusivity.
Technological advances and their role in expanding credit coverage and accuracy.