Only 18% of Nigerian Retailers Access Formal Loans

A report unveiled in Lagos by Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, reveals that only 18% of retailers in Nigeria have access to formal loans. This statistic underscores the financial exclusion prevalent in the fast-moving consumer goods (FMCG) sector, which is a critical driver of the economy, valued at approximately $25 billion.

The report indicates that 74% of retailers identify access to credit as crucial for sustaining daily operations, yet many face significant challenges in restocking due to financial constraints. The FMCG sector recorded a credit sale of N325 billion in the first half of 2025, marking a 55.4% year-on-year increase.

The report also emphasizes the importance of digital payment systems, with 78% of surveyed retailers utilizing point-of-sale systems. Dr. Oduwole noted that Nigeria's 40 million MSMEs account for about 80% of retail transactions, highlighting the need for improved access to finance and better support for the sector.