Nigeria’s banks provide loans to businesses worth only 9.4% of the country’s Gross Domestic Product (GDP), according to the African Development Bank (AfDB).
This shows that many businesses still struggle to access funding despite efforts to improve financial inclusion and economic growth.
The finding was contained in the AfDB’s 2026 African Economic Outlook report, which highlighted weak financial markets as one of the major challenges limiting development financing in Nigeria.
The report said Nigeria continues to face financing difficulties because government revenue remains low, the informal sector is large, and the financial system is not developed enough to channel sufficient funds to productive sectors.
Limited Access to Business Loans
According to the AfDB, Nigeria’s private sector credit-to-GDP ratio of 9.4% is far below levels seen in many emerging economies.
The report noted that Africa generally trails other regions in lending to businesses due to weak savings mobilisation, underdeveloped financial markets,
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