There is no gainsaying the fact that the Nigerian banking industry is
experiencing an acute shortage of liquidity. At a time Nigeria is bearing the dubious distinction of having the highest cost of borrowing in Sub Sahara Africa, small business owners who manage to borrow money from banks that are also struggling to find money, do so at very high costs.

According to the Manufacturers Association of Nigeria (MAN), Nigerian
manufacturers paid an average interest rate of 22.9 percent during the
first six months of 2018.

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