According to the World Economic Forum’s 2019 competitiveness report, Nigeria ranks 129th in the world when it comes to access to credit for the private sector.
In a country of 200m, with nearly half of that population living in extreme poverty, this is a massive problem.
If businesses are unable to access finance, then they lack the fuel that they need to grow.
Figure 1: Nigeria’s Domestic Credit to Private Sector % GDP
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