professor of Economics at the Lagos Business School, Prof. Bongo Adi, enunciated that the expansion in the digital lending companies in the country was not helping the economy but propelling more Nigerians into poverty.
Prof. Adi, who expressed this during a webinar on Nigeria’s 2023 political and business outlook organized by the Lagos Business School Alumni Association on Thursday, explained that most of the loans issued by digital lending companies are for consumption.
The professor further explained that he is currently conducting research alongside his other colleagues at the Lagos business school and some of the findings have shown that people collect loans via digital apps, spend them, and then start to look for other means to pay back. And in the process, they are propelled further into debt.