Nigerian banks are refusing to empower the masses by financing small-scale projects. They may be often too willing to support the individual with the right collateral.
For the agricultural sector in Nigeria, the firms that have been looking for aid from the banks don’t actually get the help they need. For now, only 2% of loans go to the agricultural sector. Now, the agricultural sector is about 40% of the GDP.
Banks in Nigeria claimed that they could not find the money trail in agriculture. But the agricultural sector is not helpless as the report below, an excerpt shows: