How to Get a Business Loan in Nigeria and What Lenders Look For

To get a business loan in Nigeria, you usually need a registered business, a clear business plan, recent bank statements and a Tax Identification Number (TIN). Government backed lenders such as the Bank of Industry, and banks that work with the Development Bank of Nigeria (DBN), often offer better terms than unregulated apps, though approval is never guaranteed. This guide covers where to look, what lenders check and how to avoid predatory lenders, based on information confirmed as of 22 October 2026. CMA9ja keeps its guides updated as lending rules change.

Many business owners apply to the first lender that replies, then get rejected or pay far more than they expected. Comparing two or three options before you apply saves time and money.

Where to look first

Bank of Industry (BOI) runs several loan programmes. Its light manufacturing financing has tiers that include up to ₦10 million for cooperatives and enterprises, and ₦10 million to ₦200 million for larger enterprises and limited liability companies. You need to open a BOI account first, and the application usually asks for a feasibility study, equipment quotes, audited accounts and bank statements.

BOI also set aside ₦2 billion for young entrepreneurs in 2026, with reported interest between 10 and 13 percent. Registration with the CAC is one of the criteria.

The Development Bank of Nigeria (DBN) works mostly through partner banks rather than lending directly to most small businesses. It reported more than ₦300 billion disbursed to small businesses in 2025, so ask your bank whether it participates in DBN programmes.

NIRSAL Microfinance Bank offers an agricultural and small business scheme. Secondary sources say it lends up to ₦10 million at 9 percent a year over up to seven years, but you should confirm the terms directly with NIRSAL before you apply.

Federal MSME schemes change often. A federal grant and loan scheme from 2024 offered up to ₦5 million at 9 percent over three years, but its current status is unclear, so check the scheme’s official notice before you plan around it.

What lenders check

• Your Bank Verification Number (BVN) and valid ID.
• Proof of address and proof of income.
• Business registration, such as your CAC certificate.
• A business plan that explains how the loan will be used and repaid.
• Financial statements and recent bank statements.
• Your TIN and tax records.
• Collateral, for some loans.

Lenders also check your credit history. The Credit Registry (CRC) and FirstCentral are the main credit bureaus, and a bad report can disqualify you. Check your report before you apply so you can fix errors.

Interest rates in 2026

The Central Bank of Nigeria cut its Monetary Policy Rate to 23 percent at its 307th meeting on 22 September 2026, down from 26.5 percent. Commercial lending rates usually sit above the policy rate, so ask every lender for the total cost of the loan, including fees, rather than just the monthly rate.

Avoid illegal loan apps

The Federal Competition and Consumer Protection Commission (FCCPC) began enforcing its digital lending rules after a compliance deadline on 5 January 2026. It withdrew conditional approvals and removed some operators from its register. Before you borrow, check the FCCPC register and avoid any app that:

• Asks for a fee before you receive the loan.
• Wants access to your phone contacts or photos.
• Uses threats or public shaming to collect repayment.
• Does not show a registered company name and address.

A simple plan to apply

1. Register your business and get your TIN.
2. Open a business bank account and keep clean statements for at least six months.
3. Write a one page plan showing what the money will do and how you will repay it.
4. Check your credit report and fix any errors.
5. Compare two or three lenders on total cost, not just the headline rate.
6. Apply, then keep copies of every document you send.

Lenders are backing a plan and a track record, so clean records and a clear plan will do more for your application than any promise an app makes.

Start with a government backed lender, compare the total cost and keep your records clean. If you spot an error in this guide, contact us and we will review it.