Access to Credit for Family Business Ventures in Nigeria: Challenges and Solutions

This investigation reviews the family business challenges in Nigeria of credit availability and identifies potential solutions to improve financing of family business ventures. Family firms are also a major component of the private sector in Nigeria and play a key role in the Gross Domestic Product of Nigeria. Nevertheless, these activities are challenged by various difficulties in obtaining and enjoying formal credit, restricting their economic potential and economic output. By way of a systematic review of the literature and the current market environment, this research conceptualizes the major roadblocks to credit access and recommends actionable remedies to the problems. Results indicate that only a cocktail of policy interventions, financial innovation and capacity building is likely to substantially enhance the provision of access to credit for family enterprises in Nigeria.