How Can a Business Owner Secure a ₦3 Million Loan to Expand a Business in Nigeria?

If your brother wants a loan of ₦3 million or more to expand his business, the most important factor is proving that the business can repay the loan. Lenders are usually more interested in cash flow and business records than the business idea itself.
What He Should Prepare First
Before applying, he should have:
A registered business (preferably with Corporate Affairs Commission registration documents)
Bank statements (usually 6–12 months)
Evidence of sales and revenue
Valid ID and BVN
Utility bill or proof of address
A simple business plan showing how the loan will be used and repaid
Tax records (if available)
Possible Sources of a ₦3 Million+ Business Loan
1. Commercial Banks
Banks such as accessbankplc.com, firstbanknigeria.com, ubagroup.com, and fidelitybank.ng offer SME loans.
Pros:
Larger loan amounts available.
Longer repayment periods.
Cons:
More documentation.
May require collateral or guarantees.
2. Development Finance Programs
Programs supported by the Bank of Industry often provide lower-cost financing to SMEs.
Pros:
Generally lower interest rates.
Designed for business expansion.
Cons:
Application process can take longer.
3. Digital and Fintech Business Loans
Platforms such as moniepoint.com and fairmoney.io may offer business loans based on transaction history.
Pros:
Faster approval.
Less paperwork.
Cons:
Interest rates may be higher.
How the Process Usually Works
Gather business documents.
Determine exactly how much is needed and why.
Apply with a bank or lender.
Submit statements and supporting documents.
Lender reviews cash flow and creditworthiness.
Approval and offer letter.
Accept terms and receive funds.
Repay according to the agreed schedule.
Important Before Borrowing
For a ₦3 million loan, I would advise your brother to calculate:
Current monthly profit.
Expected increase in profit after expansion.
Monthly loan repayment.
A business should ideally generate enough cash flow that the loan repayment does not consume most of its monthly profit.
If you tell me:
The type of business,
How long it has been operating,
Average monthly sales or profit,
Whether it is CAC-registered,
I can suggest the most realistic loan source and estimate the chances of getting ₦3 million or more.