An assessment of selected Nigerian companies’ new net borrowings in 2024 indicates a decline in reliance on bank loans for working capital. This is as rising interest rates scare off borrowers. In 2024, twenty-one companies listed on the NGX had a negative net new borrowing of N488 billion. They made repayments of N1.12 trillion while taking new borrowings of N653.6 billion. However, in 2023, there was a positive new net borrowing of N486.8 billion, as these same companies made new borrowings of N1.4 trillion while repaying N955 billion.