Nigeria's banks have more capital than at any point in their history. Yet businesses are receiving less credit. That contradiction may be one of the most important stories in the country's financial system today. While twelve listed banks increased aggregate shareholders' funds from N21.97 trillion in 2024 to N27.77 trillion in 2025, a rise of 26.4 percent, private-sector credit as a share of GDP fell from 33.26 percent to 27.81 percent over the same period. The banking system became significantly stronger. Its reach into the productive economy weakened.